Yup, I have saved way too much "used" sand paper. It's hard to toss it out when it sorta kinda still has some grit on it.
Data Point: when working with a pro ship wright on our re-fit, I noticed that he replaced sand paper the minute it started getting smooth. He said that labor time is a lot more expensive than paper and he tries to buy the better grades of all abrasives. He values his own time as much or more than billed-out time. He does have a small bucket with used paper that is smoothed some but not torn-- but still useful for quickly touching up parts and edges.
One lesson I learned about many facets of boat work was that tools and "consumables" are much less expensive than
time and that the effort to use dull "abrasives" is wasted time. (I used to waste time that way.)
That ten months we spent in the shop was sort of a Graduate Level Class in Boat Repair. The money I spent was sort of... "tuition"....
Regarding Christian's "eraser", oh so true! I have one for a stationary belt and disk sander and it does help quite a bit.