$300 to $375 is about right for a 721. I 've never heard of anyone collecting them - but then again - there's always someone who collects something.
The 721 is a very good hunting rifle. My father owned one, and it was passed thru the family. I had it for a while, and did some serious range testing with it, shooting it against a pre-64 Model 70 and a post-64. All 3 were .30-06, and all were topped with Bushnell 3X9 hunting scopes and Weaver bases. The 721 shot very tight groups, but the flaw I found in it was the barrel heated up quickly, and after a few warm-up shots, the groups began to grow and wander at 100 yards. No problems from a cold barrel - and that brings back it's utility as a hunting rifle. Not so much a rifle that you'd want to shoot all day long at the range.
Incidentally, the most accurate of the 3 was the newer or 'Post 64' Winchester. The older Model 70 (1949) came in second place and the Remington was a very close 3rd in accuracy. The ammo was all M-72 Match. The older Model 70 had a screw into the barrel under the rear sight base, and accuracy actually improved with this screw removed from the rifle - go figure.
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