Still dropping.

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Selling @ 4- 4.66 Refined & below.

http://backpack.tf/classifieds/search/genuine%20merc%20medal

2 Sellers @ 4 Refined

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Outpost Sellers

http://www.tf2outpost.com/trade/13051010 (3 Refined)

http://www.tf2outpost.com/trade/13044000 (sold for 3 Refined!, check history)

http://www.tf2outpost.com/trade/13051090 (3.66 Refined)

http://www.tf2outpost.com/trade/13042007 (4 Refined)

http://www.tf2outpost.com/trade/12993944 (4.33 Refined)

http://www.tf2outpost.com/trade/12889434 (Sold for 4.66 Refined)

http://www.tf2outpost.com/trade/12894546 (4.66 Refined)

http://www.tf2outpost.com/trade/12706855 (Sold for 4.66 Refined!)

http://www.tf2outpost.com/trade/12700843 (4.66 Refined)

Unsold @ 4.77 - 5 Refined

http://www.tf2outpost.com/trade/12904453

http://www.tf2outpost.com/trade/13036328

http://www.tf2outpost.com/trade/12559586 - 2 weeks, last bump was today.

http://www.tf2outpost.com/trade/12957610

http://www.tf2outpost.com/trade/12243953 - 3 weeks, and last bump was today!

http://www.tf2outpost.com/trade/12983839

As you can see, this is still getting a bit difficult to sell and people are trying to sell this for less. It looks like it is possible to sell @ 4.66 Refined, but it does take a while. And it looks like @ 4.77 - 5 Refined is not really possible. Looks like most people are selling this between 4 - 4.66 Refined.