Coco beans sell for $0.75 per bean. Saddles sell for $250 per saddle. If you check the minecraft wiki, you have the same chance of finding a coco bean as a saddle. Saying coco is worthless is not right because what can you do with a saddle besides ride a pig for a few minutes. Either saddles should be $0.75(in my opinion that shouldn't happen) or coco should go up to a lot higher of a price, along with cookies.
Same chance to find both in a chest? Does that include the fact that you can (I assume) find more than just one coco bean in a chest? I'm sure you often find 2+ per chest, and most oftenly 1 saddle; I don't think saddles stack. If coco beans go up in price (they seem fine to me - some people make tons of cookies, so they can't be that rare...) I don't think they should go up too much. Have people said coco beans are worthless? o.o They've got more uses than a saddle, lol.
This is balancing what actually has worth and what doesn't. As you said, Saddles have almost no use - Thus making the item worthless. Is there a reason to have an item on the server that's worthless? It only cuts down the diversity of the economy - Thus this item has been buffed. You may say, "But cocoa beans have no use as well." I'm quite sure that in future updates, you will be able to plant cocoa beans into farms. Saying that cocoa beans should be worth more, especially when it's most likely going to be a farmable item, would be the same thing as saying; "Seeds, Pumpking Seeds, Melon Seeds and Reeds should be worth just as much. Regardless of its current rarity, it would eventually be produced in the masses due to farming capabilities. It's the same as the rarity of Pumpkin Seeds. I'd say about 2 stacks had been introduced into the sever and now we have MUCH MUCH more. ++ Also, cookies can be bought from Server Store, if I'm not mistaken.
Just saying, I have found more saddles than cocoa beans. I once found 5 saddles in the same chest. Honestly, I do think that the price should at least go up to 10$ or more. Because finding cocoa beans, or even DUNGEONS, is totally random. So yeah, a small price increase would be OK.
And once more, this goes back to that cocoa beans are FARMABLE products. Read here about Jeb's future cocoa trees. This means once planted and grown, it will continue to reproduce itself infinitely = Market crash due to exploitation of weak prices. Pumpkin seeds are rare - Are we going to charge them at $10 each? What about Nether Warts?
Whether as comparison or suggesting - Pumpkin seeds are not rare anymore. Pumpkins can be turned into four seeds per, and they now appear in Mineshaft chests.
Ah yes, but that was after the update. Prior to that, pumpkin seeds were rare, supposedly - only being introduced by Andrew. Overtime, pumpkin farms were made and more seeds were yielded. This would be the same for cocoa beans. Once cocoa beans are planted and grown - They too will yield quite an amount of cocoa beans for future cocoa tree farms. The reason for not changing the price from low-to-high and then going back down the ladder when farming for cocoa beans are allowed, is likely because it may be forgotten about and abused within the first few hours.
I think pumpkin seeds should not be raised. Pumpkin seeds, if I'm not mistaken, can be multiplied. Break the vine, and you get two. Like you said. Market crash. Nether warts? Probably.