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The price is 6 months old and is in need of a price update. Price suggested is used to compensate for the key inflation as these offers I found are a few weeks old.
Here are all the trades I could find that didn't involve the hat being painted and/or a collector level and actually have offers on the hat in them.
www.tf2outpost.com/trade/8194011 (offered 1 key, which one week ago was the given price range, http://puu.sh/1ZTfg )
www.tf2outpost.com/trade/7965665 (offered a top price of 1 key 1 ref 2 weeks back which based on the what got accepted here 2 weeks ago ( http://puu.sh/1ZTcJ )comes out to around 4 ref)
www.tf2outpost.com/trade/7965665 (offered 1 key 2 weeks ago which was around the suggested price, http://puu.sh/1ZTcJ)
www.tf2outpost.com/trade/8473787 (offered a golden procedure's mask which is about 4 ref provided that paint is half price when used)
Lastly, Steam market prices which never lie - http://puu.sh/1ZTkJ
why not 1 key instead of 3.33-3.66
I felt like giving it a reasonable range based on when the offers above were given. Plus, keys are constantly rising...
Still 3.33 incorrect : 3.66-4 ref correct
sold multiple times 1 key = 3.66 low end value
sold some times 4 ref or steam market 1.3 keys = 4 ref high end value
but its ok since it's your first suggestion : upvote
Thanks. Still learning the basics of pricing so my suggestions will end up being a little off.