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I'd want a lot more than 1.25. That's effectively a cash value you can get with no risk. Selling points can get your UR account shut down, so you should charge enough to compensate for the risk!
TPG's valuation puts them at 2 cents each, so I probably wouldn't do less than that unless you realistically have no way to get that value from them (e.g. you only ever travel for work and so can never book airfare with points).
(I don't know the going rate unfortunately.)
I will buy for 1.25 if you are selling 100k minimum