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Speculation has been rife that Wizards of the Coast would release some kind of ‘straight to Modern’ set. Since the Modern format was set up there has only been one way in, and that is through a Standard set. Cards not released to Standard, for example those in Commander products) have never been legal in Modern, only Legacy or Vintage.
With Modern Horizons this has changed. The set is comprised of both new and reprinted cards, and all cards will be legal in the Modern format, but not Standard. Cards in the set are a mix of reprints which are not currently Modern-legal, and new cards.
Two of these new cards were previewed, but none of the reprints are known as yet.
A few things can be gleaned from this announcement. First, Modern Horizons will be premium-priced. Packs retail for $6.99 on Magic Online, which is consistent with other Masters sets. Wizards removed MSRP from their printed products recently, but it’s reasonable to expect they will be charging retailers a price similar to their other Masters sets for these boxes. This affects the retail price by giving it a higher floor than for a non-Masters release such as any Standard set or sets such as Battlebond and Conspiracy.
So you can expect to pay a price similar to Masters 25 for these packs.
Second, no card currently legal in Modern is being reprinted in this set. So cards which have been rising in price due to Modern demand will continue to do so.
Third, the code of this set (seen in the lower left of the cards above) is MH1, which for me indicates this is not seen as a one-off product, but the start of a new line.
Interesting times. Modern Horizons releases in June with 251 new cards and 5 basic lands.