Good scope in its day. Around $100-$125 would be fair depending on condition. The only negative is that it is several generations older and newer Leupold's are much improved. You can buy a new production VX-1 for $200 and get a much better scope. The older Leupold's were friction adjustable, even the VX-1's are now click adjustable.
The Vari-X II's were replaced many years ago by the XV-II's which were replaced by VX-2's. Which are on their 2nd generation of improvements. This years VX-1 is basically last years VX-2, which was a huge improvement over any of the older Vari-X scopes.
Here is a quote from Leupold's FAQ section comparing the Vari-X II and the Rifleman.
•Though the Rifleman line of scopes uses a different maintube (for aesthetic reasons), it is optically the same as the Vari-X II (discontinued for 2001). The adjustments are exactly the same as the Vari-X II (?-MOA friction) as are the lenses and coatings. All lenses, internal and external, are coated with magnesium fluoride. Basically, the Rifleman is a newer-looking matte finish version of the Vari-X II that helped build the Leupold reputation. It is important to note that Custom Shop options (reticle changes, target adjustment installation, etc.) are not available for the Rifleman line of scopes.
You can get the rifleman or VX-1 new for $200. Unless the Vari-X II was pretty cheap I'd buy new.