T206 is a code name created in a 1951 catalog for the cards edited from 1909 to 1911 by the American Tobacco Company. The Honus Wagner card was printed in the first year and almost immediately withdrawn. Wagner remains today one of the most outstanding players in the history of baseball and this withdrawal can not have any other explanation than a disagreement between the champion and the publisher.
Treasures still exist in our time. In 2008, an inventory is made in Oceanside NY on a collection that had never left the family of its original owner. It includes a nice copy of the T206 Wagner, clean and well centered with unfaded bright colors and an acceptable low wear at the corners.
Its only significant anomaly is a crease on the front side at the top right in the orange background, far from the image. The card was graded VG3 both by SGC and by PSA. It was sold for $ 790K including premium by Philip Weiss in November 2008.
It is for sale on April 25 by Robert Edward in an online auction operated from New Jersey, lot 1. The text in the catalog considers a total population of about 46 authentic T206 Wagner including 4 copies in better condition and 3 others in similar condition. Here is the link to the website of the auction house.