I don’t think the 500/1 was the cheapest model at the time, that would be the Senator. Single pickup, single cut away. Having said that he had his Rick stripped back to natural when I’m sure he could have bought another and plays a right handed Casino turned upside down. Perhaps we can call him frugal with his purchases.
According to a Selmer catalogue the 500/1 was 58gns and the Senator 38gns.