I paid $320 for a PT-145 Mil Pro some years back. When I called Taurus to get a dob...... I was a little suprised to hear my gun was identified in a series of pistols part of a class action lawsuit. Apparently someone dropped their Taurus and it went of. Don't recall if death or just injury occurred, but that sparked the beginning of a real ugly legal battle. Taurus did some testing and concluded that a large range of their guns made from 1997 - 2013, if dropped under the right conditions were susceptible to 'possibly' discharging. That covered the PT-111, 132, 138, 140, 145, 745, 609, 640, 24/7.......... spanned between Gen1-3. Might be a few more models in there. So they gave the customers a couple options.
1. Owners could relinquish their firearm for a cash payment of $200.00 per pistol identified in the Class. They'd send in gun, get a check in return. Average wait time was 6-12mo. Which by mid 2018 they'd stopped doing this because they settled the lawsuit.
2. Or Owners could select a 'Enhanced' Warranty where customer still sends in pistol, and Taurus attempts to repair it. But there was a catch, IF they cannot repair it (and most cases they couldn't), Taurus could not legally send the defective firearm back to the customer in such a state for liability reasons. So IF they could not fix it, they would supplement the owner with a replacement pistol not part of the recall. I heard some very rare cases where people got a PT-1911, which I think was a ooopsie, but 99% the time it was the PT-111 G2C 9mm.
This really peaved owners who spend $450-550+ for their guns back in the day, only wait 1-3yrs and be told "sorry, but here as a consolation prize we can give you a less expensive gun but still shiny". ........... That kind of rocked the loyal Taurus fanfare and became a tough pill to swallow. Silently most owners proclaim they'd just hold onto their gun at that point, as it wasn't worth it. Some owners went into denial on what they're willing to accept for it and will still sell it for near retail.
So to the OP's question, what's a fair price? Its only worth what someone is willing to pay for it. Think of it this way, many many guns in the past were not drop safe and they work just fine and nobody got hurt. But then the owners were never under the illusion they could drop the gun and not fear consequences. But for a gun that was intended/designed to be drop safe, and turned out possibly isn't, that presents a huge gamble of liability. And if someone were to get injured as result, well accepting the consequences could be part of the price tag. Does that mean these guns are unsafe? No not at all. There's just a uncalculated risk associated where under the right conditions something that shouldn't happen, could happen. That's all.
Me personally, I wouldn't pay anything more than $200 for it. Because if it breaks, or has to be sent into the factory for unrelated issues, you will never get the pistol back. At best you'll get the replacement pistol, which to be honest I don't know what they're handing out these days, Spectrum maybe? I'd probably just take a pass on it at that point.