Well the base price going by the rules for an always on item with an abundant ammunition effect is 4000 gp.
If you make it command word activated, with no limit per day but requiring a standard action to activate for a minute duration, the price drops to 1800 gp. Having limited charges per day would further reduce that.
I think in this case those prices are pretty balanced and I would have no issue approving either of them. Of course if you think the prices are either too high or too low based on their utility you are perfectly justified in adjusting them as you see fit.
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You're basically asking for an item that lets the player have infinite ammo - I presume for guns.
Let's try some comparisons first.
1. Endless Ammunition, weapon property: While not available for guns, this is a +2 weapon enchantment, and thus would suggest a price of at least 16k.
(While 2000n^2 would seem to say 8k, keep in mind that you can't have Endless Ammo without a +1; thus, you would take the 18k for a +3-equivalent, and subtract the 2k for a +1.)
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2. Beneficial Bandolier: A belt-slot item, it has enough room for 200 shots, your powder horn and gunsmith kit; and it loads your wielded firearm (using a teleport mechanic) as a swift action. This only costs 1000. Note that being a belt, it competes with physical stat items. This is actually pretty strong for only being 1k, come to think of it.
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That said, I think we can create something interesting.
Bottomless Bandolier
Aura: Faint conjuration
Caster level: 1
Slot: Belt
This bandolier seems to be of an ordinary sort used for holding firearm ammunition. Thrice per day, on command, you may activate the belt's magic; for one minute, the bandolier will create normal firearm rounds appropriate to your currently wielded firearm. These rounds are easily pulled from the bandolier; while the magic is active, you are treated as though you have the Rapid Reload feat. This does not stack if you have Rapid Reload for your currently wielded firearm.
Construction requirements:
Craft Wondrous Item, abundant ammunition, creator must have Rapid Reload (any firearm).
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Pricing information:
Command-activated, first level spell, CL1: 1800
Thrice-daily usage: Divide by 5/3: 1080. (540 to create.)
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Compared to the Beneficial Bandolier, this gives you three minutes of infinite ammo per day; if you have more encounters than that, you'll have to work something else out.
Now, the nifty thing you can do with it is this.
Augmented Bottomless Bandolier:
This bandolier functions as a Bottomless Bandolier, and is enchanted (cf: Amulet of Mighty Fists) with enhancement bonuses and/or ammunition special properties, as long as those properties can be applied to firearm rounds. These improvements are granted to ammunition created by the bandolier's activated function.
Aura: Moderate evocation.
Caster level: 5
Slot: Belt
Requirements: Craft wondrous item, greater magic weapon, abundant ammunition, creator must be three times the bandolier's bonus, plus any requirements of the ammunition's special abilities.
Price: 3000n^2 + 1620, where n is the bonus. I'm using 3k instead of the amulet's 4k, because of the limitation that only the created ammo is enhanced. This works out to 4620 (+1,) 13620 (+2,) 28620 (+3,) 49620 (+4,) 76620 (+5.)
You should probably be aware that early guns are pretty much terrible without alchemical ammo.
Anything that doesn't allow the gunslinger to use alchemical ammo or otherwise reload as a free action is basically useless - the gunslinger can only use it to reload their guns before combat because the action cost is too steep in combat.