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Taxi owners hang on to once-coveted medallions, hoping for a rebound

When Bosun Odeniyi bought a taxi certificate in 1990, it meant freedom. Freedom from waiting for hours at the garage to pick up a car, from the ever-present leasing fees, and from not knowing whether a cab would even be available to drive.

A taxi medallion, worth $545,000 at its peak. This fall, the minimum bid will be $10,000.
A taxi medallion, worth $545,000 at its peak. This fall, the minimum bid will be $10,000.Read moreDAVID MAIALETTI / Staff Photographer
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