"...Which is about twice what it's worth..."
Not to hijack your thread but...
where I'm at in N.E. Ohio the ONLY place that I know that I could actually drive to and buy black powder ( and 45 miles away at that !) charges damn near $25.00 a lb. for Goex and something close to $33.00 a lb. for Swiss, And thats before you get dinged another almost 7% for sales tax.
If you're close to my area, and would like to know where they're at, look up the Log Cabin Shop in Lodi,Ohio.
Apart from charging what the market will bear for black powder they are a great group of long time enthusiasts with a really well stocked & interesting business.
If I had some BP shooting buddies I would certainly convince them to do a "group buy" of a case or so of powder from Graf's. It's a little rough for myself,alone, to spend near to $500 for a case of powder and three or four thousand caps, but the more I think about it, the more I'm convinced that that-there's just what I'll end up doing someday before long.
I am lucky in that I have a place removed from mine and my neighbors living quarters to store my allotted 50 lbs. or so of bp and the 10k primers/caps that a lot of State's fire law and insurance companies outline as safe to keep in a small battery without endangering my living space and/or garage areas. I'm certain that not a whole lot of us can say that though. So I guess there is SOME reason for the pricing structure of black powder, but... I'm not convinced that it calls for "...about twice what it's worth..."