Paper collectibles are always a difficult item to place values on because condition means everything. Program collectors mostly don't seem to be as particular as some other paper collectors, but condition still has a significant affect on value. Prices shown below are for items ranging from good to mint (badly damaged items have been excluded), so remember that mint items will be closer to the top of the range and good items closer to the bottom.
When determining the condition of a program, always remember that a mint program from 1900 should look just new and perfect as a mint program from 1998. Age does not matter when determining condition. Don't fall for the old explanation "it's excellent considering the age".
Anything less than this condition is really not suitable for collecting unless the program is really old or rare (like a Man O'War program or early Kentucky Derby program). Most programs from the 1970's and up are readily available in excellent-mint condition and most collectors won't accept any lesser condition from those years.
Always be sure you are satisfied with the condition of any program you are buying. Check for erased pencil marks, rusted staples (replace them or they will ruin your program), glued or taped splits and tears, messed-up backs from being glued in a scrapbook, or missing pages. Always open the program and look at every page.