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Refers to extremely high-quality dope (specifically, black tar heroin). The dope is so good, it's priced "point-for-point"; that is, $10 for each tenth of a gram (0.1g). Priced accordingly, a gram of point dope is $100. The term originates from San Francisco, where an era of low-grade black tar heroin (pointless dope) dominating the black market led to the emergence of point dope.
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