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I'm having fun and you can't stop me
SALES;
http://www.tf2outpost.com/trade/25426509 Sold for Burning Flamenco (Open Suggestion at 19.5) + G.Fetti Law (Unpriced, mini at 15.5) + Duped Hearts Ten-Gallon (Outdated at 4.7, mini at 4.7) + Max (3)
((19.5 + 15.5 + 4.7) * 0.9) + 3 = 38.73 (rounding to 39)
Histories:
http://www.tf2outpost.com/item/440,3628532780,361,5
http://www.tf2outpost.com/item/440,3628532741,627,5
http://www.tf2outpost.com/item/440,3628532758,30362,5
http://www.tf2outpost.com/trade/25476002
Law mini:
http://www.tf2outpost.com/trade/24919048 Sold for PE Thirst (5.65) + Steaming KE (3.65) + 7 pure
(9.3 * 0.9) + 7 = 15.37 (rounding to 15.5)
Histories;
http://www.tf2outpost.com/item/440,3628532758,30362,5
http://backpack.tf/profiles/76561198079524569?time=1425884400
Only usable sale, using 15.5.
Ten-Gallon mini:
http://www.tf2outpost.com/trade/25213447 Sold with B/O of 4.7 for around that mixed.
Using 4.7.
Let it ride.
you came in like a wrecking ball ;)
I did a mini for this a while back here
http://backpack.tf/vote/id/54fc87c5b88d88370e8b5189
I don't know if making minis for all thoose hats will make it closer to 40, and Woifi said that there was another sale for a Scorching Pencil Pusher (possible that something was added). I'd say get another sale to support this, otherwise this seems like an outlier.
Due to that being a many:1 sale it's likely the many person overpaid - i.e. the Noh would be valued artificially low if calculated individually.
The sale you're referring to with the pencil is alluded to by the current seller, it was a Scorching Pencil + 5 pure, however I can't seem to verify when it took place. Current offers support this value, however.