Users can break the pills in half to consume a 0.5 mg dose. These pills are schedule 4 controlled substances available by prescription only. The round blue Xanax pills of 1 mg strength are imprinted with 031 R by manufacturer Actavis. The blue color of these tablets comes from some of the inactive ingredients that are used as fillers. These colors are FDA-approved and are safe for human consumption. Blue football Xanax gets its name from the oblong shape that is easy to ingest. On the street, the price of 1 mg Xanax is approximately $2 per pill.