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Most traders ask for offers on this item and get 1 key offers. Others just highball for more than 4 ref. Proof in comments:
Being offered 3.66 ref (please note that the sellers do accept some of the offers):
http://www.tf2outpost.com/trade/8251055
http://www.tf2outpost.com/trade/8507576 (1 key)
http://www.tf2outpost.com/trade/8770855 (1 key)
http://www.tf2outpost.com/trade/8563229 (1 key)
http://www.tf2outpost.com/trade/8067334 (1 key)
http://www.tf2outpost.com/trade/8460266 (1 key)
Unsold 4 ref:
http://www.tf2outpost.com/trade/8762869 (2 days)
http://www.tf2outpost.com/trade/8774747 (1 day)
None selling for below 3.66 ref. No one buying them at 4 ref.
Good proof. Also on the market it is 1.34 keys or 5 ref converted
It's an up vote from me, dawg.