Folco has a printed threat cost of 7, but in a hobbit deck his threat is reduced by at least 1 (he being the only hobbit) to as much as 5 (4 hobbits in Bond of Friendship+Saga Frodo). So to play Helm of Secrecy on him to trade him for Pippin (6 threat), is his threat based on his printed cost of 7 or is it based on what his threat is in the deck?

Helm: "Choose a hero you control and discard all tokens from it. Select a different non-Fellowship, non-Baggins hero from your collection with a threat cost less than or equal to the chosen hero…"

There's no phrasing there like printed threat cost , and Folco's text straight-up modifies his threat cost ("Folco Boffin gets -1 threat cost for each Hobbit hero you control."), so Helm should refer to that modified value.

That would work both ways, I imagine -- Folco would have a lower threat cost if you wanted to switch into him. But the wording does make swapping out Mirlonde for someone with an actual ability less feasible.

3 hours ago, dalestephenson said:

That would work both ways, I imagine -- Folco would have a lower threat cost if you wanted to switch into him. But the wording does make swapping out Mirlonde for someone with an actual ability less feasible.

His text isn't active when he's out of play, so he should just be his printed 7 while sitting in your collection.

Thank you for all your info, Sappidus.

Using Helm to bring in Folco gives a 4 cost, 7 threat reduction way of putting a hero in the discard pile so you can activate the hero status of ally Imrahil. Might be helpful with heroes like Galdor of the Havens after you have spent his response and action.