T206 Honus Wagner Value & Price Guide (2026)

Name: 1909 T206 Honus Wagner Baseball Card
Brand: American Tobacco Company

Public domain, via Wikimedia Commons

They call it the Holy Grail of sports cards. In 1909, the American Tobacco Company included a card of Pittsburgh Pirates shortstop Honus Wagner in their T206 series - one of 524 players in the set. But Wagner objected, and production of his card was halted almost immediately. Somewhere between 50 and 200 copies made it into cigarette packs before the plug was pulled. Today, only about 60 to 75 authentic copies are known to exist. The finest one sold for $7,250,000 in 2022. Another just surfaced in 2025 with early bidding at $3.17 million.

Quick Value Summary


Item	1909 T206 Honus Wagner
Year	1909–1911
Category	Sports Cards - Baseball
Set	T206 White Border
Manufacturer	American Tobacco Company
Condition Range
PSA Authentic (trimmed/altered)	$220,000+
PSA 1-2 (Poor to Good)	$400,000 – $1,500,000
PSA 3-4 (VG to VG-EX)	$1,500,000 – $3,500,000
PSA 5 (Excellent)	$3,000,000 – $5,000,000
PSA 8 (NM-MT, finest known)	$7,250,000
Record Sale	$7,250,000 (August 2022)
Known Population	~60–75 authentic copies
Rarity	Extremely Rare

The Story

The T206 set was distributed between 1909 and 1911, tucked inside cigarette packs from brands like Sweet Caporal, Piedmont, and Old Mill. It's one of the largest and most beautiful pre-war card sets ever produced - 524 players, 76 of whom became Hall of Famers. The cards featured vivid lithographic portraits on the front with tobacco advertising on the back.

Honus Wagner was the biggest star in baseball. An eight-time National League batting champion, he was inducted into the Hall of Fame in 1936 as part of the inaugural class alongside Babe Ruth, Ty Cobb, Christy Mathewson, and Walter Johnson.

But Wagner didn't want his picture in cigarette packs. The reason has been debated for over a century. The romantic version: Wagner objected to promoting tobacco to children. The pragmatic version: he wanted to be paid for the use of his likeness and wasn't offered enough. Whatever the reason, the American Tobacco Company pulled his card from production almost immediately.

The few copies that had already been distributed became the rarest cards in the set. And as baseball card collecting grew into a serious hobby in the 20th century, the Wagner card became its ultimate prize.

The Gretzky Wagner

The most famous individual copy is the "Gretzky Wagner" - a PSA 8 (NM-MT), the highest-graded example known. Hockey legend Wayne Gretzky and Los Angeles Kings owner Bruce McNall bought it in 1991 for $451,000, a record at the time. In 1996, a Florida postal worker named Patricia Gibbs won it in a Walmart promotional contest. She sold it to collectors for $500,000.

The card continued to change hands:

2000: Sold for $1.265 million (to Brian Seigel)
2007: Sold for $2,800,000 (to Ken Kendrick, Arizona Diamondbacks owner)

The Gretzky Wagner hasn't sold publicly since, but its value is estimated well above $5 million.

Recent Sales

In August 2022, a different T206 Wagner sold for $7,250,000, setting the current record. And in early 2025, yet another copy surfaced with early auction bidding reaching $3.17 million, with estimates of a final price between $5 million and $7 million.

How to Identify It

Key Visual Markers

White border surrounding a color lithographic portrait
Wagner depicted in a Pittsburgh Pirates uniform, bat not visible
Orange background behind Wagner's portrait
Card size: Approximately 1 7/16" x 2 5/8" (standard T206 dimensions)
Back advertising: Most copies have Sweet Caporal or Piedmont backs

Back Variations

The back of a T206 card displays tobacco brand advertising. Wagner cards are known with:

Sweet Caporal backs (most common for Wagner)
Piedmont backs (includes the finest known copy)
Other back brands are theoretically possible but none confirmed

The back brand can affect value - Piedmont-back copies have commanded premiums because the finest known example has a Piedmont back.

The "Half Wagner"

In one remarkable case, literally half of a T206 Wagner card - torn roughly in two - sold at auction for $475,960. That's the power of this card: even half of one is worth nearly half a million dollars.

Value by Condition

Every authentic T206 Wagner is valuable. The condition premium is steep, but even the worst copies command six figures.

Grade	Value
PSA Authentic (altered/trimmed)	$220,000+
PSA 1 (Poor)	$400,000 – $700,000
PSA 2 (Good)	$700,000 – $1,500,000
PSA 3 (Very Good)	$1,500,000 – $2,500,000
PSA 4 (VG-EX)	$2,500,000 – $3,500,000
PSA 5 (Excellent)	$3,000,000 – $5,000,000
PSA 8 (NM-MT, finest known)	$7,250,000

Why Even Damaged Copies Are Worth a Fortune

With only 60 to 75 copies known, demand vastly outstrips supply at every price point. Wealthy collectors who can't afford a PSA 5 will happily pay $500,000 for a PSA 1 just to own one. The T206 Wagner is less a trading card and more a cultural artifact - and authenticity matters far more than condition.

Authentication & Fakes

This Is the Most Counterfeited Card in the Hobby

The enormous values make the T206 Wagner a prime target for fraud. Forgeries range from crude to sophisticated.

Common Fakes

Reprints: Numerous authorized and unauthorized reprints exist. They're usually obvious - wrong card stock, wrong dimensions, wrong printing method. But some are good enough to fool casual buyers.
Trimmed cards: A common T206 card trimmed to improve centering or edges. Microscopic examination of the card edges reveals cutting marks.
Altered cards: Other T206 players' cards with Wagner's image pasted or printed over the original. Detectable under UV light and magnification.

The Gretzky Wagner Controversy

Even the famous Gretzky Wagner has faced scrutiny. Some experts have questioned whether it was trimmed to achieve its exceptional grade. The debate has never been fully resolved, though PSA has maintained its grading.

How to Protect Yourself

Only buy PSA, SGC, or BGS authenticated copies. Period. No exceptions.
Verify the certification number against the grading company's online database.
Examine the holder for signs of tampering.
Work with established auction houses - Heritage, Robert Edward Auctions, Goldin - not private sellers on social media.
If the price seems too good to be true, it is. There is no such thing as a "deal" on a T206 Wagner.

Where to Sell

If you somehow have a T206 Wagner:

Heritage Auctions - Has handled multiple record Wagner sales
Robert Edward Auctions (REA) - The gold standard for pre-war cards
Goldin Auctions - Strong buyer network for elite sports cards
Sotheby's or Christie's - For crossover appeal to art and luxury collectors

Do not sell on eBay, to a local card shop, or through social media. A card worth millions needs a major auction house with global reach, authentication expertise, and buyer trust.

Not sure what you have? Upload a photo to Curio Comp for a free AI estimate. Upload a photo →

Common Questions

How much is a T206 Honus Wagner card worth?

From $220,000 for an authenticated but altered copy to $7,250,000 for the finest known example. Most copies that surface sell for $1 million to $5 million depending on condition.

How many T206 Wagner cards exist?

About 60 to 75 authentic copies are known to the hobby. The total number originally produced was somewhere between 50 and 200, but many have been lost or destroyed over the past 115 years.

Why did Wagner object to his card?

The most common explanation is that Wagner didn't want to promote tobacco products, possibly to protect younger fans. Others believe it was a contract dispute - Wagner wanted compensation for the use of his likeness. The true reason has never been definitively established.

Is the T206 Wagner the most expensive sports card ever?

As of early 2026, yes - the $7,250,000 sale in August 2022 is the highest price ever paid for a sports card at public auction. A 2025 auction could potentially exceed that mark.

What if I find a T206 Wagner in my collection?

Stop. Don't clean it. Don't touch it more than necessary. Put it in a safe, dry place. Contact PSA or SGC for professional authentication. Then contact a major auction house. Even a damaged, low-grade authentic Wagner is worth at least $220,000.