I think the "value on the open market" comparison is even more questionable than that. A market is only efficient if its transaction costs are low (and if there

I think the "value on the open market" comparison is even more questionable than that. A market is only efficient if its transaction costs are low (and if there are few barriers to entry). If you're buying a gift card on eBay, consider the transaction. First, you need to think to go to eBay. (Had the idea occurred to you before this?) Then you've got to find the thing on eBay in a reasonable denomination, submit a bid, wait around a while to win the bid (possibly days, if you even win the bid, which you maybe-won't), pay the seller, wait a week for it to come in the mail, hope that you haven't been defrauded (possibly checking its balance), and then store it somewhere and remember to use it. That's a lot more of a hassle than just getting it as a gift, storing it somewhere, and remembering to use it.