1909 T206 WAGNER

Except otherwise stated, all results include the premium.
See also : Sport cards  Baseball
T206 is a classification code established in 1951 in a reference catalog. This series of 523 cards was published between 1909 and 1911 by the American Tobacco Company (ATC). The portraits of the players, most often from face or in slight profile, are printed in bright colors. The Major League is very well covered with 390 cards, the greatest champions like Ty Cobb having several varieties. The other positions are featuring players from minor leagues.

The advertising back identifies a brand of tobacco that can be Piedmont, Sweet Caporal or 14 other varieties of cigarettes and tobacco then offered by this company. The cards were inserted in the packs.

The views are not numbered but on the back the cumulative number of the announced subjects allows to establish a chronology of the impressions : 150 subjects then 350 and 460, then 'Large Assortment' for the last runs. 

The player rejected the proposal from a delegate of the ATC before any printing. He was not hostile to tobacco. The hypothesis that he would have expected for a better retribution is plausible. Wagner was one of the best baseball players of all time, whose prestige almost equaled Ty Cobb.

The card correctly missed the first printing run but was inexplicably included in the second, with a Sweet Caporal 150-30 back. Wagner immediately requested its removal from the distribution.

The T206 Wagner is only known with the advertising back variants for the two most common tobacco brands of the American Tobacco Company, Sweet Caporal and Piedmont, the former being known in two tobacco plant identifications, 25 and 30. All copies indicate the series at 150 subjects which is the original edition from 1909 before it was extended.

The source of the portrait is a photo by Carl Horner, used by seven other card publishers between 1903 and 1911.

​In March 1991, Sotheby's sold the best copy of the T206 Wagner for $ 450K to Wayne Gretzky supported by the owner of his hockey team. It changed hands again four years later and was sold for $ 640K by Christie's in 1996. In 2007 this copy graded PSA 8 was sold privately for $ 2.8M. In 2013 a previous owner admitted to the court that he had trimmed the "Gretzky" Wagner card in the mid-1980s to increase its value.

The T206 Honus Wagner baseball card, often dubbed the "Holy Grail" of sports collectibles, is part of the T206 series produced by the American Tobacco Company between 1909 and 1911. This extensive set featured over 500 lithographed cards depicting Major League and minor league players, inserted as promotional items into packs of cigarettes from brands like Sweet Caporal, Piedmont, and Sovereign. The cards were among the first full-color baseball sets, using vibrant lithographic artwork that has contributed to their enduring appeal.
Johannes Peter "Honus" Wagner, a legendary shortstop for the Pittsburgh Pirates and one of the first five inductees into the Baseball Hall of Fame in 1936, appeared on one of these cards. However, Wagner objected to its continued production and demanded it be pulled, leading to its extreme rarity. While most T206 cards were printed in the tens of thousands, only an estimated 50 to 200 Wagner cards were ever distributed to the public (with more precise counts from experts ranging between 50-60 or 60-75 surviving examples today). The exact number remains uncertain, as production halted abruptly.
The reasons for Wagner's refusal have been debated for over a century. One popular theory is that, as a role model, he didn't want his image associated with tobacco products marketed to children. Another suggests he simply wasn't adequately compensated for the use of his likeness, given the era's lack of player endorsements or royalties. Regardless, the card's scarcity transformed it from a simple promotional item into a cultural icon.
The card's value began to soar in the collecting world during the 1930s. In 1933, it was listed at $50 in Jefferson Burdick's The American Card Catalog—the highest price for any baseball card at the time (equivalent to about $1,200 today). Burdick's catalog also assigned it the "T206" designation, which stuck as the standard reference for the set. Over the decades, famous examples have shattered records: The "Gretzky T206 Wagner" (named after hockey star Wayne Gretzky, who co-owned it in the early 1990s) has been sold multiple times, including for $451,000 in 1991, and later for millions. In 2022, one specimen fetched $7.25 million, though prices fluctuate based on condition and provenance. Other notable cards include one discovered in a New York basement in 2008, which sold for $791,000 at auction despite being unknown to collectors for nearly a century.
​Today, the T206 Wagner symbolizes the pinnacle of baseball card collecting, with its mystique often overshadowing even Wagner's own storied career (which included eight batting titles and 3,420 hits). High-grade examples, authenticated by services like PSA, continue to command premium prices, and the card's lore has inspired books, documentaries, and endless debate among hobbyists.
The 1909-11 T206 White Border Honus Wagner (often called the T206 Wagner) is widely regarded as the most iconic and valuable sports card in existence, largely due to its extreme rarity.
Production and Survival Estimates
  • The card was produced by the American Tobacco Company as part of the massive T206 set (1909-1911), but Wagner reportedly objected to his image being used to promote tobacco (especially to children), leading to the card's early removal from production.
  • Estimates suggest only 50 to 200 cards were ever printed and distributed (exact numbers unknown, as production halted quickly).
  • Today, experts and auction houses consistently cite fewer than 60 surviving authentic examples (some sources narrow it to around 50-60, with occasional mentions of up to 60-75 including ungraded or lesser-known pieces).
This makes it exponentially rarer than almost any other pre-war baseball card—most T206 commons exist in the thousands.
Graded Population (as of early 2026)
  • PSA (Professional Sports Authenticator): Around 36 graded examples (with some reports noting 37 or slight variations; includes recent additions like the Shields Family card graded PSA PR-FR 1).
    • Many are low-grade: e.g., ~10 at PSA 1 (Poor/Fair), plus several "Authentic" (altered/trimmed but genuine).
    • Higher grades are extraordinarily scarce: Only a handful above PSA 3-4, with the highest known being PSA 8 (the famous "Gretzky" example), and very few in the 5+ range.
  • SGC (Sportscard Guaranty): Around 17 graded examples (per combined census reports from auction sources).
  • Combined PSA + SGC encapsulated: Approximately 53-55 total (some recent reports from 2026 auctions, including the Shields sale, confirm ~53-55 encapsulated, with ~53% at PR 1 or Authentic levels due to heavy wear on most survivors).
A few raw/ungraded examples may exist outside these censuses, but authenticated ones drive the market and confirm the ~60 total known figure (including non-graded but verified pieces).
Why So Rare?
  • Limited original print run.
  • Over a century of wear, loss, destruction, and attrition (most were handled roughly or discarded).
  • No high-grade (e.g., Mint) examples exist—survivors typically show creases, rounding, surface issues, or trimming.
  • New discoveries (like the 2026 Shields Family card, held untouched in one family for 116+ years) are headline events because the population barely grows.
Market Implications
Even heavily worn examples (PSA 1 or Authentic) command millions at auction due to this scarcity—e.g., the Shields PSA 1 sold for $5.1M in February 2026. Higher-grade ones (VG-EX levels) have fetched $6M+ records, reflecting the steep condition premium in such a tiny population pool.
​In short, the T206 Wagner's rarity—fewer than 60 known, with most low-grade—cements its status as the undisputed "Holy Grail" of collecting.

for reference
uncut strip of five

A strip lithograph of five images with blank back, uncut and in poor condition with folds, was sold for $ 316K by Hunt on July 13, 2010. The second from the left is the Wagner.

Special Report
Counterfeit and Alteration

No publicly documented cases exist of a 7-figure T206 Honus Wagner sale at major auction that was later fully characterized as counterfeit (i.e., not an authentic card) and resulted in cancellation. Like the 1952 Topps Mantle, elite T206 Wagners undergo rigorous vetting by auction houses, with strong provenance and in-person inspection options. However, there are notable high-value examples involving alterations (primarily trimming) that sold transparently as such and were not cancelled.
​Key Example: The Gretzky/McNall PSA 8 (Cert #00000001) – The Most Famous Altered Case
  • Details: This is the highest-graded T206 Wagner ever (PSA 8 NM-MT) and the very first card PSA ever graded (cert #00000001). It was purchased by Wayne Gretzky and Bruce McNall in 1991 for ~$451,000. Later sales: $1.265M (2000, eBay/REA), then privately for $2.35M (2007) and $2.8M (2007) to Arizona Diamondbacks owner Ken Kendrick.
  • Alteration revelation: In 2013, former Mastro Auctions owner Bill Mastro pleaded guilty to mail fraud and admitted trimming the card's edges in the mid-1980s (using a paper cutter) to improve appearance and value before selling it. PSA grader Bill Hughes reportedly knew of the alteration at the time but still assigned the grade.
  • Outcome: The sale(s) were not cancelled. Kendrick has retained the card and declined PSA's offer to buy it back, noting its enhanced "notoriety" value (comparable to a famous criminal artifact). It remains a landmark piece despite the controversy.
Other Significant 7-Figure Altered Example
  • PSA Authentic Altered (Cert #20931527): Severely trimmed (missing three borders), creased, and otherwise damaged. Sold for $540,000 (Heritage, 2019) and then $1,528,066 (REA, April 2022).
  • Details: Transferred from SGC to PSA holder; alteration was disclosed upfront. The card was bought knowingly as altered/restored. Sale not cancelled—it achieved strong prices due to the card's rarity and market demand even in compromised condition.
Broader Context
  • Counterfeits: Fakes exist (especially raw or low-grade), but none appear to have cleared major auction vetting at 7 figures and later been exposed/cancelled. Auction houses like REA, Heritage, Goldin, and SCP use experts, blacklight/edge checks, and provenance to mitigate this.
  • Alterations common: Trimming, restoration, or perimeter mods lead to "Authentic Altered" or qualifiers. These are sold transparently at discounts but still command strong prices (hundreds of thousands to low millions) due to the T206 Wagner's extreme scarcity (~50–60 known authentic examples total).
  • No post-sale cancellations at this tier: High-value buyers have return periods and expert access; issues surface pre- or immediately post-sale. The Gretzky card's story highlights early grading inconsistencies but didn't unwind completed transactions.
Bottom line: The T206 Wagner market prices in known alterations and provenance (e.g., celebrity ownership adds intrigue). For any high-end purchase, verify certs directly with PSA/SGC, inspect holders, and review auction descriptions for qualifiers. These cards are illiquid blue-chip assets where story and condition drive value as much as technical authenticity. Compared to the Mantle, Wagner controversies center more on historical alterations than modern slab tampering.

for reference
PSA 8 Gretzky Wagner

The Gretzky Wagner (PSA 8) stands out as the pinnacle of preservation—sharp corners, vibrant lithography with deep reds and clear facial details on Wagner, and near-perfect centering that makes it look almost modern despite its age.

The T206 Honus Wagner baseball card, graded PSA 8 (NM-MT) with certification number 00000001, is widely known as the "Gretzky Wagner" due to its ownership by hockey legend Wayne Gretzky in the 1990s. It is considered one of the finest examples of this rare card, though it has been subject to controversy over alleged trimming (edge alterations) that surfaced in investigations around 2013. Despite this, it remains iconic in the sports memorabilia world. Below is a chronological summary of its documented sales and ownership transfers, based on auction records and private transactions. Note that there have been no public sales or transfers reported after 2007, and it is believed to still be owned by Arizona Diamondbacks owner Ken Kendrick as of January 2026.
This card's value has been influenced by its rarity (fewer than 200 T206 Wagners are known to exist, with this being the highest-graded authentic example) and its storied provenance. Higher sales prices for other T206 Wagner examples (e.g., a PSA 3 sold for $7.25 million in 2022) have occurred since 2007, but they involve different copies of the card. The trimming allegations, admitted by dealer Bill Mastro in 2013 (who handled the card in the 1980s), have not led to any re-grading or devaluation in public records, but they add a layer of intrigue to its history.

The Trimming Controversy Surrounding the Ex-Gretzky T206 Honus Wagner Card
The "Gretzky Wagner" (PSA 8 graded T206 Honus Wagner card) has been at the center of a major scandal in the sports memorabilia world, primarily involving allegations of card alteration through trimming. Trimming refers to cutting the edges of a card to remove imperfections, making it appear sharper and more valuable, but it's considered unethical and fraudulent among collectors as it alters the card's original state. This controversy, which simmered for decades through rumors and investigations, culminated in a 2013 federal admission that confirmed the alterations. Below is a detailed breakdown of the events, key players, and implications.
Background and Initial Rumors
  • Acquisition and Early Sales: In 1985, prominent sports memorabilia dealer Bill Mastro purchased the card (along with other T206 cards) for $25,000 from collector Alan Ray. Ray later claimed the card was originally "sheet-cut" (cut from a larger production sheet), but alleged Mastro further altered it. Mastro sold the card in 1987 for $110,000 without disclosing any modifications.
  • Grading and High-Profile Ownership: In 1991, the card became the first ever graded by Professional Sports Authenticator (PSA), receiving an NM-MT 8 grade (Near Mint-Mint). It was then sold at auction for $451,000 to Wayne Gretzky and Bruce McNall. Rumors of trimming began almost immediately, fueled by the card's unusually pristine edges and shape, which some experts described as "football-like" or overly perfect for a 1909 card. Broadcaster and collector Keith Olbermann reported that an expert hired by McNall had flagged potential trimming. Mastro denied the allegations at the time, insisting no alterations were made.
Persistent whispers included claims that the card was cut from a strip post-production, trimmed for enhancement, or even a reprint. These doubts followed the card through subsequent sales, including to Wal-Mart in 1995 ($500,000), Patricia Gibbs (via contest), Michael Gidwitz in 1996 ($641,500), Brian Seigel in 2000 ($1.265 million), and eventually Ken Kendrick in 2007 ($2.8 million).
​The FBI Investigation and Mastro's Admission
  • Federal Probe: By the early 2010s, the FBI was investigating Mastro and his auction house (Mastro Auctions, later MastroNet) for broader fraud, including shill bidding (artificially inflating prices with fake bids). During this probe, evidence emerged about the Wagner card. An undercover agent recorded Mastro admitting to the trimming.
  • Guilty Plea and Details: On October 10, 2013, Mastro pleaded guilty to one count of mail fraud in U.S. District Court. As part of his testimony, he confessed to trimming the card's edges in the mid-1980s using a paper cutter to remove damage and improve its appearance, thereby increasing its value. He did not disclose this when selling it, which constituted fraud. Mastro was sentenced to 20 months in prison and fined heavily in 2015.
This admission shocked the hobby, as trimming is viewed as "sacrilegious" and akin to blasphemy among collectors. It also raised questions about PSA's grading process, as the card retained its PSA 8 certification despite the revelations.Impact on the Card and the Hobby
  • Value and Ownership: Despite the scandal, the card's value hasn't plummeted. It's still owned by Arizona Diamondbacks owner Ken Kendrick, who bought it knowing of the rumors (though pre-admission). Post-2013 buyers would be aware of the trimming, and some argue the controversy adds "intrigue" or historical notoriety, potentially enhancing its allure as a collectible. However, if undisclosed at sale, the trimming would have "significantly reduced" its value, per federal indictments.
  • Broader Implications: The case highlighted issues in the grading industry, including "card doctoring" (alterations like trimming, recoloring, or pressing). PSA has stood by the grade, but critics argue it sets a poor precedent. It also spurred discussions on transparency in auctions.
  • Ongoing Debate: Collectors remain divided. Some view it as a "known fraud" that shouldn't hold its status, while others see it as the "GOAT" (Greatest of All Time) card regardless, due to its rarity and provenance. No re-grading has occurred as of 2026, and the card hasn't been publicly sold since 2007.
This controversy underscores the high-stakes world of vintage cards, where alterations can turn million-dollar assets into ethical minefields.

Special Report
Provenance

The T206 Honus Wagner (1909–1911 White Border set, issued by the American Tobacco Company) is the undisputed "Holy Grail" of sports cards, with roughly 50–60 known authentic examples. Its extreme rarity stems from limited production (estimates range from 50–200 total printed), halted early due to Wagner's objection to his image appearing in cigarette packs (likely to protect young fans or over compensation concerns). Most surviving copies feature Piedmont or Sweet Caporal backs from Factory 25.
Provenance is critical for value, as many cards have murky histories, multiple owners, or alteration risks. Strong chain-of-custody (especially original-owner/family-held examples) commands premiums. Below is an overview of key examples and ownership patterns.
The Gretzky/McNall/Kendrick Wagner (PSA 8 NM-MT, Cert #00000001 – Highest Graded)
  • Most famous example: The only PSA 8; first card PSA ever graded.
  • Ownership chain:
    • Surfaced ~1985 via Alan Ray (Hicksville, NY collector); sold to Bill Mastro.
    • 1987: Mastro sold to Jim Copeland for ~$110K.
    • 1991: Copeland sold via Sotheby's to Wayne Gretzky and Bruce McNall (LA Kings owner) for $451K (record at the time).
    • 1995: Gretzky/McNall sold to Walmart/Treat Entertainment for ~$500K (contest prize).
    • Winner (Patricia Gibbs) sold via Christie's in 1996 for ~$640K to Michael Gidwitz.
    • 2000: Sold via REA to Brian Seigel for $1.265M.
    • 2007: Private sales – $2.35M, then $2.8M to Arizona Diamondbacks owner Ken Kendrick (revealed 2011).
  • Controversy: In 2013, Mastro admitted trimming the edges in the mid-1980s to enhance appearance. Sales were not cancelled; Kendrick retained it, noting its notoriety. Still considered a landmark piece.
Recent High-Profile Family/Original-Owner Discoveries
​These "fresh" examples often fetch strong prices due to pristine provenance.
  • Shields Family Wagner (PSA 1, Sweet Caporal back): Pulled from a cigarette pack ~1909 by Morton Bernstein (National Silver Company ties); framed and held privately by the family for 116+ years. Surfaced publicly via Goldin (featured on Netflix King of Collectibles). Sold February 2026 for $5.124M. Only a handful of owners (family chain); exceptional documented history from insertion to sale.
  • Oceanside Wagner (PSA VG 3): Discovered 2008 in a Long Island, NY basement (original-owner family collection with other T206s). Sold in estate auction for $791K (then-record for the grade/context). Later resold via REA in 2015 for $1.32M. Only two owners pre-2008 auction; third owner post-sale. One of the strongest condition/provenance combos.
Other Notable Examples and Patterns
  • Jumbo Wagner (PSA 5, miscut with large borders): Sold for $3.12M in 2016 (Goldin); strong eye appeal despite miscut.
  • Connecticut Wagner: Surfaced mid-1980s at a Connecticut card show; multiple auction appearances.
  • Institutional/Museum Holdings: Jefferson Burdick's example at the Metropolitan Museum of Art; another in the New York Public Library.
  • Celebrity/Story-Driven: All-Star Cafe (Charlie Sheen – stolen/recovered); Nun's Wagner (donated, sold 2010 for ~$262K); Joe Garagiola-owned example (traded for a uniform; sold recently for millions).
Broader Trends:
  • Early History (1909–1970s): Mostly circulated privately or in small collections; few public records. Jefferson Burdick cataloged it in 1933 at $50.
  • 1980s–1990s Boom: Mastro and others drove visibility; high-profile sales (Gretzky era) legitimized the hobby and skyrocketed values.
  • Modern Era: Auction houses (REA, Goldin, Heritage, SCP) dominate. Family discoveries add romance and reduce tampering concerns. Values vary wildly by grade, eye appeal, back type, and story—low-grade examples can still hit seven figures; alterations (trimming, restoration) are disclosed and discounted but still sell.
  • Challenges: Murky origins for many (e.g., possible sheet cuts); counterfeits/alterations exist but are rarer at elite levels with expert vetting. Provenance from Rosen-like finds or direct family chains is gold.
The card's lore—rarity, Wagner's stardom, tobacco controversy, and rags-to-riches sales—makes it a cultural icon beyond the hobby. Ownership often cycles among serious collectors, with Kendrick's holding the most prominent "celebrity" example. For any specific card (like in auctions), detailed pedigree research via graders or auction houses is essential, as history directly impacts value and trust.

for reference
VG-EX 4 PSA

Very Good 3 SGC
​2021 SOLD for $ 6.6M by Robert Edward

A T206 Wagner with a Sweet Caporal Cigarettes back was sold for $ 1.23M on April 19, 2012 by Goodwin. It was illustrated in the pre sale release by Sports Collectors Daily. Graded VG 3 by SGC, it is one of the finest T206 Wagner in existence. Cumulating the SGC and PSA populations, there are seven Very Good cards plus four ranking higher.

It was sold for $ 6.6M on August 15, 2021 by Robert Edward, lot 1. It is illustrated in the pre sale release by Sports Collector Daily. Its SGC holder has been changed some time after the 2012 auction.

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 $ 1.32M on April 25, 2015 by Robert Edward, lot 1.

Piedmont Wagner
2026 SOLD for $ 5.9M by Heritage

T206 Honus Wagner rarity centers on its early withdrawal from production in the 150 Subjects series after Wagner objected to its use with tobacco products. Roughly 50–60 authenticated examples are known overall (estimates historically ranged higher or lower). It appears only with three early backs: Piedmont 150 Factory 25, Sweet Caporal 150 Factory 25, and Sweet Caporal 150 Factory 30. No later series (350/460) or other brand backs are authentic.
Piedmont-backed examples are the scarcest for Wagner, with only three known. Most known Wagners carry Sweet Caporal 150/25; a smaller number have Sweet Caporal 150/30. Condition across the population is generally low due to age, handling, and frequent alterations (trimming, restoration). High grades are exceptional.
The Three Known Piedmont Examples
  • Gretzky/McNall specimen: Piedmont back. Graded PSA 8 NM-MT (the highest assigned to any Wagner; later revealed to have been trimmed by a prior owner, Bill Mastro). Extensive history includes sales involving Alan Ray, Bill Mastro, Jim Copeland, Wayne Gretzky & Bruce McNall ($451,000 in 1991), later private/public transactions reaching $2.8 million by 2007. Last publicly identified owner is Arizona Diamondbacks principal owner Ken Kendrick (as of reports through at least the early 2020s). It was the first card PSA ever encapsulated.
  • Heritage Auctions example (current, ~July 2026): Piedmont 150, graded SGC Authentic with “evidence of trimming.” Described with rounded corners and scattered creasing typical of the population but otherwise noted as all-original in key respects. Includes strong provenance via a 1958 letter from early dealer Charles Bray appraising it at $25 in good clean condition (with related notes on other cards). It is returning to the market after roughly 25 years; pre-sale estimate around $4 million (bidding already in the low millions as of late July 2026). It was sold for $ 5,856,000 on August 21, 2026, lot 80003.
  • Third example: Limited public details. One Piedmont sold ungraded (raw) for $86,730 at MastroNet in 2000/2001. Other references exist to private holdings; one historically controversial claimed example (associated with John Cobb and Ray Edwards) faced authenticity questions. Whereabouts of non-public examples are typically private collections.
Provenance and auction history for Wagners overall is closely tracked because of the card’s status and alteration risks. Many have multi-decade paper trails; high-profile sales regularly exceed multimillion-dollar figures in recent years (records have reached $7.25 million for a higher-grade Sweet Caporal example). The Piedmont premium is significant due to extreme scarcity relative to the other backs.
Overall Piedmont 150 Subjects Series RarityThe T206 set began as a “150 Subjects” series in 1909. Piedmont 150 Factory 25 is among the most common backs in the entire T206 population—Piedmont backs as a group account for roughly half of surviving cards, with Sweet Caporal the next most frequent. The 150 series itself is the earliest print run and is not scarce for most subjects; many players are readily available with Piedmont 150. Wagner (and a few other short-prints like the Plank) are extreme exceptions because production stopped early.
Comparison to Sweet Caporal 150/25 and 150/30:
  • Piedmont 150 Factory 25 ranks among the most plentiful overall T206 backs.
  • Sweet Caporal 150 Factory 25 is also very common (second-tier commonality).
  • Sweet Caporal 150 Factory 30 is scarcer than the Factory 25 versions of either brand but still falls on the common end of the full T206 back spectrum (far more available than true rarities such as Drum, Uzit, or certain Hindu/overprint variants). Scarcity rankings place these near the bottom (most available) of back rarity lists.
For ordinary subjects, Piedmont 150 and SC 150/25 carry little or no premium over each other in most cases; SC 150/30 can command a modest premium. For the Wagner, the hierarchy reverses sharply: Piedmont is by far the rarest of its three possible backs.

​Piedmont-backed T206 Eddie Planks are comparably scarce to Piedmont Wagners, with roughly five known examples (sources commonly cite four or five). Most of these carry “Authentic” designations from PSA or SGC rather than numerical grades because of irregular edges.
Production Context Linking Plank and Wagner PiedmontsBoth cards appeared on early 1909 Piedmont 150 Subjects sheets printed at Factory 25. Production of those sheets was halted (tied to Wagner’s objection to the use of his image with tobacco), so most never reached the normal machine-cutting and packaging stage. A small number of already-printed sheets survived as “scrapper” (or scrap/unused) sheets. The known Piedmont Planks (and the Piedmont Wagners) largely derive from these sheets and were hand-cut from them, producing the characteristic non-factory edges.
One Piedmont Plank has been graded numerically (reported as SGC 5 / equivalent) after graders concluded its edges showed factory-cut characteristics rather than hand-cutting or post-production trimming. The others are acknowledged as hand-cut from original period sheets.
How These (and Similar Trimmed/Reworked Examples) Are Authenticated as Genuine T206Authentication relies on specialized expert examination by major third-party graders (primarily PSA and SGC), who have deep experience with the T206 set. Key elements include:
  • Printing and lithography analysis: Genuine T206s used a multi-stage color lithographic process. Graders check color registration, ink characteristics (often slightly irregular or splotchy under magnification), specific image details (for Plank: hair, jersey lettering including the “A,” background colors—some Piedmont examples even show missing-ink variations), and overall plate characteristics that match the known genuine population. Modern reprints or counterfeits typically fail these microscopic comparisons.
  • Paper stock and physical attributes: Original ATC paper has distinctive thickness, texture, and aging properties. Graders evaluate these against known authentic examples.
  • Back design verification: The Piedmont 150 Factory 25 advertising reverse must match the exact fonts, layout, spacing, and printing style of confirmed genuine cards from the same series. Wagner and Plank are only accepted with the historically documented early backs; other backs are rejected as inauthentic for these subjects.
  • Edge and alteration assessment: Hand-cut examples from scrapper sheets show irregular or non-uniform perimeters consistent with period manual cutting of unfinished sheets. Graders distinguish this from modern trimming of a finished, machine-cut card. When edges indicate hand-cutting or later rework/trimming, the card receives an “Authentic” (or similar) designation that confirms the underlying card is a genuine period T206 while disclosing the edge condition. Numerical grades are reserved for examples judged to have original factory cuts without significant alteration.
  • Population and comparative study: Each candidate is compared against the small, well-documented census of known genuine Piedmont Planks and Wagners. Decades of hobby scrutiny, auction records, and expert consensus help establish legitimacy. Strong provenance (when available) provides supporting context but is secondary to the material and printing evidence.
  • Rejection of fakes: Counterfeits are identified by modern paper, incorrect printing methods (e.g., photographic or digital processes instead of period lithography), wrong dimensions, anachronistic details, or UV reaction differences in some cases.
In short, even when edges show hand-cutting, trimming, or rework, the cards are authenticated as genuine T206s if the printed image, inks, paper, and reverse match the original American Tobacco Company production characteristics of the 1909 Piedmont 150 series. The “Authentic” grade transparently notes the condition issues while affirming period originality. This same rigorous process applies to the known Piedmont Wagners that exhibit evidence of trimming.

PR-FR1 ex Shields Family
2026 SOLD for $ 5.1M by Goldin

The Shields Family Wagner was sold for $ 5.1M by Goldin on February 21, 2026, lot 1.​
Compare with the All Star Cafe Wagner, sold by Mile High Card on March 31, 2022, lot 1.

Comparison of the Two 1909 T206 Honus Wagner Cards
Both cards are authentic examples of the legendary 1909 T206 Honus Wagner baseball card, widely regarded as the "Holy Grail" of sports collectibles due to its rarity (estimated 60-75 surviving examples) and historical significance. They share the same PSA grade of PR-FR 1 (Poor-Fair), indicating significant wear but still recognizable and valuable. However, they differ in provenance, specific condition details, and auction outcomes.
Shields Family Collection (Goldin Winter Vintage Elite Auction, Lot 1)
All-Star Cafe / Charlie Sheen (Mile High Card Company, March 2022 Auction, Lot 1)
Grade
Shields Family : PSA PR-FR 1 (due to creases and general wear from being stored in a family collection for over a century)
All-Star Cafe : PSA PR-FR 1 (due to heavy wear, including creases, a pinhole, and discoloration)
Condition Details
Shields Family : Exhibits creases and wear consistent with age and handling, but preserved in its original state without alterations; unmatched eye appeal for the grade due to its untouched history. Back is Sweet Caporal (standard for most T206 Wagners).
All-Star Cafe : Heavily rounded corners, several creases, a pinhole, light areas of missing paper and/or discoloration on the reverse; bold red Sweet Caporal 150/25 ad on back. No major alterations noted beyond natural wear.
Provenance
Shields Family : Pulled from an original pack in 1909 and kept within the Shields family for 117 years; recently discovered and consigned to auction, emphasizing its "fresh-to-market" status and direct lineage from the era.
All-Star Cafe : Owned by actor Charlie Sheen; displayed in the "Sheen Room" at the All-Star Cafe in Times Square, NYC, from December 1995 until stolen in a 1998 heist (replaced with a counterfeit; recovered later). Sold multiple times prior (ungraded in 1993, then as PSA 1 in 2000, 2001, 2009, and 2013). Tracked as "Card #5" or "All-Star Wagner" on T206Resource.com.
Auction/Sale Details
Shields Family : Currently in Goldin's Winter Vintage Elite Auction (no reserve); as of the latest update, 25 bids with a high bid of $3 million; auction closes on February 21, 2026. Featured in Netflix's "King of Collectibles: The Goldin Touch" Season 3.
All-Star Cafe : Sold on March 31, 2022, for $3,060,000 (including buyer's premium), setting a record for a PSA 1-graded T206 Wagner at the time.
Notable Differences
Shields Family : Emphasizes pristine, single-family ownership and "pack-fresh" origins, potentially appealing to collectors valuing untouched historical purity. Current bidding has already reached the prior card's sale price, suggesting strong market interest.
All-Star Cafe : Famous for its celebrity ownership and dramatic theft/recovery story, adding a layer of pop culture intrigue. The sale occurred during a hot market for vintage cards, but lower than some higher-graded Wagners (e.g., a PSA 3 sold for $3.25M in 2020).

In summary, these two cards are remarkably similar in grade and rarity, but the Shields example stands out for its "time capsule" provenance, while the All-Star Cafe card benefits from its celebrity and heist backstory. The Shields card's auction is ongoing and could exceed the $3.06M mark set by the All-Star Cafe Wagner, reflecting continued growth in the high-end collectibles market.

Good 2
​2021 SOLD for $ 3.75M by Goldin

The population verified as authentic is about 60 T206 Wagner. Because of its scarcity, collectors rush on these cards even in the lowest condition grades.

A Sweet Caporal with Factory 25, graded Good 2 by PSA has changed hands several times in a few years. It is typical of the growing appetite for the T206 Wagner in the hobby.

It did not exceed $ 236K at auction in April 2005. It was then auctioned for $ 660K by Lelands in 2014 and for $ 780K by Heritage on November 19, 2016, lot 50199. Its private sale for $ 1.2M was announced on May 30, 2019 by Forbes informed by SCP. It was sold for $ 1.35M as lot 1 by Mile High Card Company on October 10, 2019.

A T206 Wagner was sold for $ 3.75M by Goldin on May 22, 2021, lot 1.

This well centered card with a Sweet Caporal 'Base Ball Series, 150 Subjects' back is graded Good 2 by PSA taking into account large horizontal creases, tiny smudges and round corners.

It had been collected by the consignor's father half a century ago and is fresh on the market.

FR 1.5
2022 SOLD for $ 3.7M by Goldin

A T206 Wagner Sweet Caporal has been graded FR 1.5 by PSA, taking into account a vertical crease. The back has residue spots at the four corners after being once mounted in an album. It was sold for $ 2.3M by Heritage on May 6, 2021, lot 80034, and for $ 3.7M on October 9, 2022 by Goldin, lot 1.

SGC authentic : Garagiola Wagner
2026 SOLD for $ 3.6M by Heritage

Less than 60 T206 Wagner cards have been authenticated. The top of the scale consists of a few cards graded VG 3 and above. Among the cards graded by PSA, only 6 achieve such a distinction. For the population of lower ranks or ungraded, the T206 Wagner is such a treasure that collectors are no longer satisfied with the identification of the grade.

On February 28, 2021, Heritage sold the Garagiola Wagner. It is in such a pitiful condition that SGC had authenticated it without giving it a grade. It fetched $ 2.5M, lot 80001.  It was sold for $ 3.6M by the same auction house on February 28, 2026, lot 80004.

Its margins had been trimmed by a collector to stick it in a scrapbook. The corners are rounded and the back is torn off for almost half of the surface. Its turpitudes ensured its glory because its conservation in the album preserved its colors. Its provenance from the estate of a baseball broadcast commentator certainly did not influence the bidding. 

  • The post promotes a rare 1909-1911 T206 Honus Wagner baseball card, once owned by Joe Garagiola, who traded his 1954 New York Giants uniform for it in a legendary hobby swap, highlighting its status as one of the most sought-after cards due to Wagner's brief production run.
  • This specific "Garagiola Wagner," graded PSA Authentic for verification without a numerical condition score, sold for $2.52 million at Heritage Auctions in 2021 and now carries a $3 million presale estimate for the upcoming Winter Platinum Auction, reflecting surging demand for authenticated Wagner exemplars.
  • Accompanying video features dramatic animations of the slabbed card with glowing text overlays, emphasizing its Pittsburgh Pirates connection and auction exclusivity, while a single reply humorously questions the trade's perceived value by confusing Garagiola with Joe DiMaggio.
The Garagiola Wagner keeps from its 2021 sale the top price recorded at auction for an un-scored T206 Wagner. Tell why by comparing it to two other cards : an Authentic Restored last sold by Mile High Card on April 26, 2025, lot 1, and an Authentic Altered last sold on April 24, 2022 by Robert Edward, lot 1.

The Garagiola T206 Honus Wagner card, graded SGC Authentic and sold for $2.52 million at Heritage Auctions in 2021, remains the auction record holder for an ungraded (or "un-scored") example of this iconic card. This is primarily due to its unqualified Authentic designation, which indicates the card is genuine without evidence of restoration, alteration, or severe tampering—factors that significantly impact collector desirability and value. In contrast, the two comparator cards carry PSA qualifiers that denote modifications or damage, reducing their appeal despite their rarity. Below, I'll compare the three cards based on grade, condition, provenance, and sale details to illustrate why the Garagiola example commands the top price.
CardGradeKey Condition NotesProvenance/HistorySale PriceAuction Details
Garagiola Wagner
Authentic
No qualifiers; genuine but in poor enough condition to not receive a numerical grade (common for many surviving T206 Wagners due to age). Shows typical wear but no signs of restoration or alteration.
Famously acquired by broadcaster Joe Garagiola in a trade for his 1954 New York Giants uniform; adds celebrity pedigree and a legendary hobby story that enhances its cultural significance.
$2.52 million, Heritage Auctions, 2021.

Authentic Restored
PSA Authentic Restored
Professionally restored, likely to repair damage or improve appearance (e.g., edge repairs or color touch-ups); restoration is viewed by collectors as non-original, often lowering value compared to unrestored cards. Shows heavy wear from historical storage (e.g., kept in a wallet for decades).
Owned by a single family since issuance in 1910; stored in a wallet from the 1920s-1940s; survived a 1980 burglary; first public sale in 2003 for $63,939; resold in 2021 for $1.1 million and in 2023 for $1.97 million before the 2025 sale.
$1.98 millionMile High Card Company, April 26, 2025, lot 1.

Authentic Altered
PSA Authentic Altered
Severely altered and damaged: trimmed (missing three of four borders), with creases across Wagner's face; alteration qualifier is PSA's designation for cards showing evidence of tampering (e.g., cutting to improve edges), which is a major detriment as it compromises originality.
Purchased in 2012 by Collectors Universe founder David Hall for $198,850; transferred from SGC to PSA holder; resold in 2019 for $540,000 before the 2022 auction; no notable celebrity or long-term family provenance.
$1.53 million, Robert Edward Auctions, April 24, 2022, lot 1.
​
The Garagiola card's record-holding status stems from several key advantages:
  • Originality and Lack of Qualifiers: PSA's plain "Authentic" grade signals the card hasn't been restored or altered, preserving its historical integrity. Restoration (as in the Mile High example) can make a card look better but often devalues it among purists who prefer untouched originals. Alteration (as in the REA example) is even more penalizing, as it implies deliberate tampering, which is a red flag for authenticity concerns and reduces market confidence.
  • Provenance Premium: The Garagiola's celebrity-backed story adds intangible value, making it more than just a card—it's a piece of baseball and collecting lore. The comparators lack this narrative appeal; the Restored card has a solid family history but nothing as iconic, while the Altered card's provenance is relatively modern and unremarkable.
  • Market Perception of Condition: Even though all three are un-scored due to overall poor condition, the qualifiers on the others highlight specific flaws that deter high-end buyers. The Garagiola's wear is "natural" (e.g., from age), without the added stigma of human intervention.
  • Timing and Market Trends: Despite later sales in a potentially hotter market (e.g., the 2025 Restored sale), the Garagiola's price hasn't been surpassed, underscoring how qualifiers cap upside potential. T206 Wagners are among the rarest cards (fewer than 100 known), but condition nuances drive massive price variances.
In summary, the Garagiola Wagner's combination of unqualified authenticity, minimal tampering, and storied ownership elevates it above the restored and altered examples, securing its position as the benchmark for un-scored T206 Wagners at auction.

EX 5 (MC) Jumbo Wagner
2016 SOLD for $ 3.2M by Goldin

The Jumbo Wagner baseball card has unique characteristics for its type that is moreover the rarest in the series published in 1909 by the American Tobacco Company and now codified as T206.

Jumbo is a wording introduced around 1970 to designate stamps with larger margins than average while maintaining an excellent centering. Its unwanted origin is due to the uncertainty in positioning the perforating wheels. Philatelists love these pieces where the margins provided an additional protection of the image against accident and contamination while also increasing the visual appeal by a nicer framing.

Probably we will never know why a T206 Wagner got a Jumbo feature. The original printed sheet included adjacent images of other players. The perfectly parallel and sharp edges make implausible the hypothesis of a cutting hazard. I guess that a fan of Honus Wagner cut it with the focus to get a better framed image of his champion at the expense of the rest of the sheet.

This card surfaced in the early 1970s in a collection where it was kept with other T206s by its first owner, reinforcing the hypothesis that its Jumbo cut was contemporary to its printing.

The one and unique Jumbo Wagner is graded EX5 (MC) by PSA. The general condition is excellent (EX) despite some rounding in the corners and a very slight oozing from the image below it at its bottom edge. The image of Honus Wagner remains in mint condition with perfect color (MC).

The Jumbo Wagner was sold for $ 1.68M by Mastro Auctions on August 1, 2008, for $ 2.1M by Goldin on 29 March 2013 and for $ 3.2M by Goldin  on October 1, 2016, lot 1.

​The Jumbo Wagner (PSA 5 MC) offers a mid-tier visual with its oversized borders (the "MC" miscut qualifier), showing minor creases and edge wear but retaining strong color saturation and decent centering—notice the bolder outlines and less distortion compared to PSA 1s.

PR-FR 1 the All Star Cafe Wagner
2022 SOLD for $ 3.14M by Mile High Card

A T206 Wagner graded PR-FR1 by PSA was sold for $ 3.14M by Mile High Card on March 31, 2022, lot 1. It has the usual 150/25 Sweet Caporal back.

This example is referred as the Charlie Sheen All Star Cafe Wagner. A sports themed All Stars restaurant opened in New York City in 1995. Sheen, who was one of the investors, loaned a collection including the Wagner for long term exhibition therein.

​This display started between two auction records of the Gretzky Wagner, sold to the hockey champion for $ 450K at Sotheby's in March 1991 and for $ 640K by Christie's in 1996.

The glass showcase near the bar of the All Star was not locked. The new fame of the T206 Wagner excited the greed of someones from the restaurant staff who replaced the Sheen card by a counterfeit in 1998. The conspirators sold it to a dealer for $ 18,000. They were arrested after one of the showcases of the Sheen collection was broken during a further heist.

​A Sweet Caporal Factory 30 T206 Wagner was sold for $ 1.43M by Goldin on November 1, 2020, lot 1. It is graded PR-FR 1 by PSA for a lattice of creases. Another card in the same grade was sold for $ 1.15M by Mile High Card on September 4, 2020, lot 1. It exhibits heavy rounding at the corners and significant creasing throughout both surfaces.

Authentic Restored
​2025 SOLD for $ 1.98M by Mile High Card

A T206 Wagner with its usual Sweet Caporal 150/25 back has been restored at an unknown date for increasing its eye appeal by removing blemishes.

It was not worth receiving a numerical grade due to a hand cut perimeter and is characterized as Authentic (Restored) by PSA.

It was sold for $ 1.1M by SCP on October 30, 2021, lot 1, and by Mile High Card for $ 1.97M on September 7, 2023, lot 1 and for $ 1.98M on April 26, 2025, lot 1.

Pre sale response by Grok :

Quote
Mile High Card Co @milehighcard Apr 1
COMING SOON! Lot #1 in our Spring 2025 Premium Catalog Auction features none other than our exquisite 1909-11 T206 Honus Wagner! Don't miss YOUR chance to own the ULTIMATE collector's grail! APRIL 7TH - 26TH #MHCC #HonusWagner #T206 #thehobby

  • The 1909-11 T206 Honus Wagner card, featured in the Mile High Card Co. auction, is a rare artifact with only 50-200 copies produced after Wagner objected to its inclusion with cigarettes, a decision that spiked its value to millions, as evidenced by the 1991 Gretzky purchase for $451,000 at Sotheby's.
  • Historical data from the American Tobacco Company’s records and the 1933 American Card Catalog valuation of $50 (equivalent to $1,200 in 2024) highlight its status as the first high-value baseball card, predating modern sports memorabilia markets.
  • Research into Wagner’s refusal suggests it may have been less about ethics and more about a $10 payment dispute with a distributor, challenging the heroic narrative, as explored in the 2007 book "The Card" by O'Keeffe and Thompson.

Authentic Altered
2022 SOLD for $ 1.53M by Robert Edward

A T206 Wagner Sweet Caporal noted as Authentic (altered) by PSA was sold for $ 1.53M on April 24, 2022 by Robert Edward, lot 1. The catalogue tells that it had been previously sold at auction in 2019 for $ 540K.

The card is missing its white borders on the top, left, and right edges, and two creases run through the lower part of the face. The colors are fresh.