Let Billy have x common cards, and y premium cards:
(i) Billi has 124 cards:
x+y=124
(ii) the total value of the cards is 81.50$:
0.5x $ + 1.00*y $= 81.50 $, so
0.5x+y=81.5
we can write y=81.5-0.5x and substitute in (i):
x+y=124
x+(81.5-0.5x )=124
x+81.5-0.5x=124
x-0.5x=124-81.5
0.5x=42.5
x=42.5/0.5=85
y=124-85=39
Answer: Billy has 85 common cards and 39 premium cards