What do they mean by a "Black Label" video game?
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Essentially, "black label" means the game's label shows it as being an original edition of the game, and not a "greatest hits" release.
It's a term used in reference to the actual label on the jewel case, which usually changes when it's released as a greatest hits; often, the new label winds up replacing the standard black border with a much brighter color, and equally bright writing trumpeting the greatest hitsness of the game.
Greatest hits packaging has a general reputation for being aesthetically crappier than the black label packaging. Bright colors might mar the design, or some splash or quote from GamePro might cover up some of the cover art. Some of Konami's DS titles are actually being released with new labels that just have a slanted snapshot of the original box on the cover, with the potential for mindblowing escher-like progressions in later rereleases.
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I would say that the original state "black label" has a higher resale value and is more desirable to collectors. I can't imagine that they "greatest hit" edition is worth a good price. The brochure, case and label should come with full illustrations or graphics. It shouldn't say things like value, greatest hits, bargain, etc...
You can see the difference in the photographs.
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