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Scott Bezek has a great video on "How a Split Flap Display Works" [0].
He also sells blank "flaps" on Tindie [1].
The documentation on how to build the Split Flap is also really awesome [2], including how to cut your own flaps [3].
I've been following this project for a while. It's pretty awesome. I estimate about $10 per character (as opposed to the $180/character (!!) another poster mentioned through Alibaba), with a large portion of the cost being the custom cut "flaps" (in small quantities). It seems like the cost could get in the $2-$4 range per character but I couldn't figure out how to do it without a significant amount of labor involved in cutting the flaps.
FYI, there's also a company called Oat Foundry that sells large split-flap displays [4]. I seem to remember the cost being in the $10k+ region but I don't see a price and I could be way off base.
Oh, interesting, I see Vestaboard also has a (smaller) one for around $3k [5].
[0] https://youtu.be/UAQJJAQSg_g
[1] https://www.tindie.com/products/scottbez1/blank-split-flap-d...
[2] https://github.com/scottbez1/splitflap/wiki
[3] https://github.com/scottbez1/splitflap/wiki/Cut-flaps
[4] https://www.oatfoundry.com/split-flap/
[5] https://shop.vestaboard.com/products/vestaboard
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