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Despite Strong Population, T206 Prices Keep Rising

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The T206 set is more than 100 years old and in terms of pre-war cards, is the most collected issue of all time. There are many reasons for that, of course.

Wee Willie Keeler T206 with bat

First, many of the cards are, by and large, affordable – especially in low-grade condition, where commons can be found for as little as $10. The set also is home to many of the sport’s biggest early 20th century names and a popular choice among collectors looking for Hall of Famers. There are also many different ways to collect it, which makes it attractive. It’s also the set where the most famous card of all time, the Honus Wagner T206, resides.

But one of the things that has made it so collectible is the fact that, judged against other pre-war issues, it is one of the most populous sets. Despite that, prices for the T206 cards have not only remained steady but continue to rise.

T206 Population is High Compared to Other Pre-War Issues

Scot Reader’s book Inside T206 theorizes that production could have been as high as 370 million Home Run Baker T206cards. Even in the context that the cards were produced over a three-year period from 1909-11, that remains an astounding figure.

Collectors new to T206 may look at the 524-card checklist and wonder why so many were made. But that number would include the assortment of backs available for each card from the various tobacco manufacturers. While there are 524 different card fronts with pictures of players, there are several thousand different actual cards when all of the different backs are considered. Still, 370 million is a lot of cards, folks.

Many cards simply did not survive, of course. Millions were likely discarded by adult cigarette smokers who had no interest in baseball or trading  cards. Millions more may have been kept for a while but ultimately discarded. Many, no doubt, were lost to the paper/scrap drives of the World War II era. Most were lost but some were kept and Reader estimates that approximately 1.5 to 3.0 million T206 cards still exist today.  By comparison, that number is still far greater than most pre-war issues including the popular caramel card sets of the same general era.  It says a lot for the popularity of tobacco use more than a century ago.

T206 baseball setThe result is a somewhat crowded market, which has brought completing a basic set of 520 cards (minus the four rarities of Wagner, Doyle Nat’l, Magie, and Plank) down to merely one’s level of discretionary income.  Singular examples of most every T206 card are generally available on eBay and not too difficult to find. Even the rare Demmitt and O’Hara St. Louis variations aren’t too tough to secure. If one has the resources and money is no object, a set could theoretically even be pieced together in a day. Even with somewhat careful spending, accumulating a set in a year or two is not an impossible task. The cards, for the most part, can be found at every turn using online resources.

Rising Prices Despite High Availability

Because of the somewhat high volume of T206 cards available and the easy availability online, it might be easy to assume that values would be extremely low. But that isn’t really the case and prices for many cards have continued to rise. Prices are lower compared to many rare issues but they remain relatively high for such a populous set.

“The T206 set seems to be one where the large supply of cards actually works to its benefit,” said Brian Dwyer, President of Robert Edward Auctions.  “While not easy to complete a set, it is easy to obtain a few examples from the set, and it’s the first real taste of prewar-card collecting for many hobbyists. I think that’s why they affectionately call it ‘The Monster’ because you can start off innocently enough and then find yourself immersed in a lifelong collecting pursuit. Many collectors find themselves dabbling in T206s and they get hooked. This large pool of collectors interested in the set at any given time serves to boost prices. There may be nothing in this hobby that is as liquid and stable as a collection of mid-grade T206s.”

T206 Red Hindu backsAs we mentioned earlier, T206 is popular in part because you can own a century-old piece of history for less than you’ll spend the next time you eat at a restaurant, but  commons have slightly crept up in recent years. Finding decent looking low-grade cards in the $10-$20 range has gotten increasingly more difficult. The bigger names, too, continue to increase. Most notably, the four Ty Cobb cards have risen sharply in the past ten years years. The most glaring example of that are the green background Cobbs, the most expensive of the four. Mid-grade ones, such as this PSA 4 that sold in a 2007 REA auction could be previously bought for under $4,000. A card in the same grade sold this year for $6,300 via Huggins & Scott.

Higher-grade cards are seeing even larger exponential jumps in value. A PSA 5 Cobb with the green background sold for less than $5,000 in 2008. This year, SCP sold a PSA 5 for more than $26,000. The other Cobb cards aren’t as valuable but are seeing similar increases in value.

And the Wagner card, which needs no introduction, continues to skyrocket. Many low-grade examples sold for under $100,000 in the early 2000s.  This past year, two sold at auction for six times that amount.  The famous ‘Jumbo’ Wagner broke the all-time record for a baseball card sale, selling for more than $3 million this year.

There are many cards T206 available but collectors aren’t done buying them.

Why?

The reason for the T206 increases in value despite a populated is pretty simple. Right now, demand continues to be high and more and more collectors continue to discover them. While the supply/demand model is the key, there are many factors are at play here as to why demand is still high.

The Wagner, the most famous baseball card of all time, is drawing record prices at auction and remains in the mainstream culture. Even many non-collectors can identify the Wagner card or, at the very least, have heard of it. That’s helped increase the T206 ‘brand,’ so to speak. ‘

Additionally, newer products such as Topps 206 have introduced these cards to younger generations. Younger collectors are getting their hands on T206 cards as a result and becoming interested in them, even if only as a secondary interest to the latest Mike Trout or Aaron Judge insert cards.

Another factor is the influx of collectors who were immersed in the boom of the 1980s and 1990s as youngsters are starting to grow up. These collectors are now entering their late 30s and 40s and now have more discretionary income. Many collectors from that era left the hobby entirely, disenfranchised by the plummeting prices of cards they once collected that held significant value. However, some remained or have returned and now have more money to spend, looking for a more firm investment, such as vintage cards.

“The T206 set is one of the most well-known and widely-collected sets in our hobby, so it’s always being talked about and there are always lots of T206s in auctions,” Dwyer stated. “This helps boost the prominence of the set and the prices of the cards in my opinion.” 

Supply of T206 cards remains high but demand, for now, keeps prices on a steady incline.

Value Hunting

There is value to be found even more collectors who can’t see themselves ever having the ability to chase down all 524– or even 520–subjects.

Willie Keeler T206 portrait“I’ve always felt that some of the second and third tier Hall of Famers within the T206 set represent a great value,” Dwyer said. “You can get some great looking cards of Hall of Famers like Crawford, Duffy, or Keeler for very reasonable prices in VG condition. I’ve also thought that advertising backs like Polar Bear, Sovereign, and Tolstoi add a small challenge to collecting and many times sell for just a slight premium over the much more common Piedmont or Sweet Caporal backs. There’s also always something to be said for picking up a nice foundation of 100 cards in an auction lot and kicking off from there. You can hit the ground running, eliminate individual shipping charges on 100 cards if you bought them one by one, and maybe end up with some duplicates to give trading a try.”

Check out eBay’s current ‘most watched’ T206 auctions below.

1909-11 T206 Ty Cobb RED PORTRAIT PSA 5 EX 1909-11 T206 Ty Cobb RED PORTRAIT PSA 5 EX
26 bids - Price: $6,200.00 - Watchers: 148
Item #402346758500
1909-11 T206 Sherry Magee MAGIE ERROR PSA 3 VG (PWCC-E) 1909-11 T206 Sherry Magee MAGIE ERROR PSA 3 VG (PWCC-E)
36 bids - Price: $18,100.00 - Watchers: 123
Item #143671119947
1909-11 T206 Ty Cobb BAT OFF SHOULDER PSA 2.5 GD+ 1909-11 T206 Ty Cobb BAT OFF SHOULDER PSA 2.5 GD+
23 bids - Price: $2,950.00 - Watchers: 122
Item #353157289200
1909-11 T206 Ty Cobb BAT ON SHOULDER PSA 3 VG 1909-11 T206 Ty Cobb BAT ON SHOULDER PSA 3 VG
23 bids - Price: $3,051.00 - Watchers: 115
Item #353157289369
1909-11 T206 Ty Cobb RED PORTRAIT SGC 6 EXMT (PWCC-E) 1909-11 T206 Ty Cobb RED PORTRAIT SGC 6 EXMT (PWCC-E)
34 bids - Price: $8,200.00 - Watchers: 112
Item #402346758501
1909-11 T206 Cy Young PORTRAIT PSA 3 VG 1909-11 T206 Cy Young PORTRAIT PSA 3 VG
35 bids - Price: $1,363.00 - Watchers: 92
Item #353157291887
1909-11 T206 Walter Johnson PORTRAIT PSA 2 GD 1909-11 T206 Walter Johnson PORTRAIT PSA 2 GD
40 bids - Price: $1,236.00 - Watchers: 91
Item #402346758839
1909-11 T206 Walter Johnson PORTRAIT PSA 3 VG (PWCC-A) 1909-11 T206 Walter Johnson PORTRAIT PSA 3 VG (PWCC-A)
42 bids - Price: $2,181.00 - Watchers: 83
Item #353157289962
1909-11 T206 Walter Johnson HANDS AT CHEST, SOVEREIGN 350 PSA 4 VGEX 1909-11 T206 Walter Johnson HANDS AT CHEST, SOVEREIGN 350 PSA 4 VGEX
19 bids - Price: $1,250.00 - Watchers: 80
Item #353157289959
1909-11 T206 Cy Young GLOVE SHOWS PSA 3.5 VG+ 1909-11 T206 Cy Young GLOVE SHOWS PSA 3.5 VG+
34 bids - Price: $1,110.00 - Watchers: 75
Item #402346759387
1910 T206 Sweet Caporal Factory 25 Ty Cobb Red Portrait SGC 40 VG 3 Rare Back 1910 T206 Sweet Caporal Factory 25 Ty Cobb Red Portrait SGC 40 VG 3 Rare Back
23 bids - Price: $2,501.00 - Watchers: 74
Item #363066585545
1909-11 T206 Christy Mathewson WHITE CAP PSA 4 VGEX (PWCC-A) 1909-11 T206 Christy Mathewson WHITE CAP PSA 4 VGEX (PWCC-A)
24 bids - Price: $1,125.00 - Watchers: 71
Item #353157290618
1909-11 T206 Ty Cobb BAT ON SHOULDER PSA 3(mc) VG 1909-11 T206 Ty Cobb BAT ON SHOULDER PSA 3(mc) VG
36 bids - Price: $1,240.00 - Watchers: 70
Item #353157289205
1909-11 T206 Christy Mathewson DARK CAP PSA 5 EX 1909-11 T206 Christy Mathewson DARK CAP PSA 5 EX
25 bids - Price: $1,550.00 - Watchers: 70
Item #402346759007
1909-11 T206 Christy Mathewson PORTRAIT PSA 2 GD (PWCC-A) 1909-11 T206 Christy Mathewson PORTRAIT PSA 2 GD (PWCC-A)
27 bids - Price: $830.00 - Watchers: 70
Item #402346759010
1909-11 T206 Christy Mathewson DARK CAP PSA 4 VGEX 1909-11 T206 Christy Mathewson DARK CAP PSA 4 VGEX
25 bids - Price: $770.00 - Watchers: 67
Item #353157290617
1909-11 T206 Nap Lajoie THROWING, EL PRINCIPE DE GALES PSA 5 EX (PWCC-S) 1909-11 T206 Nap Lajoie THROWING, EL PRINCIPE DE GALES PSA 5 EX (PWCC-S)
19 bids - Price: $1,350.00 - Watchers: 65
Item #143671119907
1909-11 T206 Tris Speaker PSA 3 VG 1909-11 T206 Tris Speaker PSA 3 VG
20 bids - Price: $560.00 - Watchers: 62
Item #143671120351
1909-11 T206 Cy Young GLOVE SHOWS, POLAR BEAR PSA 4 VGEX 1909-11 T206 Cy Young GLOVE SHOWS, POLAR BEAR PSA 4 VGEX
24 bids - Price: $1,925.00 - Watchers: 60
Item #143671120556
1909-11 T206 Eddie Collins PSA 2 GD 1909-11 T206 Eddie Collins PSA 2 GD
31 bids - Price: $255.00 - Watchers: 58
Item #353157289373
1909-11 T206 Nap Lajoie PORTRAIT PSA 3.5 VG+ 1909-11 T206 Nap Lajoie PORTRAIT PSA 3.5 VG+
23 bids - Price: $607.00 - Watchers: 58
Item #353157290493
1909-11 T206 Nap Lajoie THROWING PSA 4 VGEX 1909-11 T206 Nap Lajoie THROWING PSA 4 VGEX
20 bids - Price: $365.00 - Watchers: 56
Item #353157290304
1909-11 T206 Frank Chance RED PORTRAIT PSA 5 EX (PWCC-A) 1909-11 T206 Frank Chance RED PORTRAIT PSA 5 EX (PWCC-A)
22 bids - Price: $710.00 - Watchers: 56
Item #402346758360
1909-11 T206 Cy Young BARE HAND SHOWS PSA 4 VGEX 1909-11 T206 Cy Young BARE HAND SHOWS PSA 4 VGEX
23 bids - Price: $1,625.00 - Watchers: 55
Item #143671120495
T206 Christy Mathewson Portrait HOF Sweet Caporal 350-30 PSA 1 Poor T206 Christy Mathewson Portrait HOF Sweet Caporal 350-30 PSA 1 Poor
26 bids - Price: $470.00 - Watchers: 55
Item #383664489277
1909-11 T206 Nap Lajoie PORTRAIT PSA 3 VG 1909-11 T206 Nap Lajoie PORTRAIT PSA 3 VG
13 bids - Price: $400.00 - Watchers: 54
Item #353157290489
1909-11 T206 Nap Lajoie WITH BAT PSA 5 EX 1909-11 T206 Nap Lajoie WITH BAT PSA 5 EX
21 bids - Price: $820.00 - Watchers: 52
Item #353157290487
1909-11 T206 Cy Young PORTRAIT, SOVEREIGN 150 SGC 1.5 FR 1909-11 T206 Cy Young PORTRAIT, SOVEREIGN 150 SGC 1.5 FR
27 bids - Price: $1,250.00 - Watchers: 51
Item #402346759547
1909-11 T206 Christy Mathewson WHITE CAP PSA 2(mk) GD 1909-11 T206 Christy Mathewson WHITE CAP PSA 2(mk) GD
19 bids - Price: $300.00 - Watchers: 50
Item #402346759008
1909-11 T206 Tris Speaker PSA 5 EX 1909-11 T206 Tris Speaker PSA 5 EX
21 bids - Price: $1,650.00 - Watchers: 50
Item #402346759311
1909-11 T206 Rube Waddell THROWING PSA 2 GD 1909-11 T206 Rube Waddell THROWING PSA 2 GD
23 bids - Price: $138.50 - Watchers: 47
Item #353157291574
1909-11 T206 Rube Waddell PORTRAIT PSA 2 GD 1909-11 T206 Rube Waddell PORTRAIT PSA 2 GD
35 bids - Price: $232.50 - Watchers: 47
Item #353157291579
1909-11 T206 Addie Joss PITCHING, SOVEREIGN 350 PSA 2.5 GD+ 1909-11 T206 Addie Joss PITCHING, SOVEREIGN 350 PSA 2.5 GD+
13 bids - Price: $142.50 - Watchers: 46
Item #143671119837
1909-11 T206 Mordecai Brown CHICAGO SHIRT PSA 2.5 GD+ 1909-11 T206 Mordecai Brown CHICAGO SHIRT PSA 2.5 GD+
16 bids - Price: $180.50 - Watchers: 44
Item #143671118713
1909-11 T206 Ty Cobb Green Portrait Piedmont 150 PSA 2 (POP 25) New PSA Holder 1909-11 T206 Ty Cobb Green Portrait Piedmont 150 PSA 2 (POP 25) New PSA Holder
15 bids - Price: $3,416.00 - Watchers: 44
Item #203072357283
1911 T206 Sweet Caporal Factory 25 Cy Young HOF SGC 6.5 " Extremely Rare " 1911 T206 Sweet Caporal Factory 25 Cy Young HOF SGC 6.5 " Extremely Rare "
21 bids - Price: $3,700.00 - Watchers: 44
Item #373136570854
1909-11 T206 Set Break Christy Mathewson portrait Sweet Caporal SGC 1 PR 1909-11 T206 Set Break Christy Mathewson portrait Sweet Caporal SGC 1 PR
29 bids - Price: $255.00 - Watchers: 43
Item #324252663172
T206 Carolina Brights Red Murray Batting New York PSA 1.5 FR " Rare Back " T206 Carolina Brights Red Murray Batting New York PSA 1.5 FR " Rare Back "
30 bids - Price: $410.00 - Watchers: 42
Item #373133207005
1909-11 T206 Addie Joss PORTRAIT PSA 3 VG 1909-11 T206 Addie Joss PORTRAIT PSA 3 VG
18 bids - Price: $205.50 - Watchers: 41
Item #143671119839
1909-11 T206 Jack Chesbro PSA 2 GD (PWCC-S) 1909-11 T206 Jack Chesbro PSA 2 GD (PWCC-S)
17 bids - Price: $142.50 - Watchers: 40
Item #143671118929
1909-11 T206 Johnny Evers PORTRAIT SGC 3 VG 1909-11 T206 Johnny Evers PORTRAIT SGC 3 VG
21 bids - Price: $200.00 - Watchers: 40
Item #402346758643
1909-11 T206 Tris Speaker PSA 6 EXMT 1909-11 T206 Tris Speaker PSA 6 EXMT
17 bids - Price: $3,700.00 - Watchers: 40
Item #402346759315
T206 Hindu Brown Shag Shaughnessy Roanoke PSA 1 PR " Rare Back " T206 Hindu Brown Shag Shaughnessy Roanoke PSA 1 PR " Rare Back "
26 bids - Price: $450.00 - Watchers: 38
Item #373133207897
Tris Speaker T206 PSA 2 Good - Boston Red Sox Sweet Caporal 350 Tris Speaker T206 PSA 2 Good - Boston Red Sox Sweet Caporal 350
6 bids - Price: $263.00 - Watchers: 37
Item #363071182444
1909-11 T206 Mordecai Brown CHICAGO SHIRT PSA 4 VGEX 1909-11 T206 Mordecai Brown CHICAGO SHIRT PSA 4 VGEX
10 bids - Price: $335.00 - Watchers: 33
Item #143671118797
T206 Carolina Brights Bill Clymer Columbus PSA 1 PR " Rare Back " T206 Carolina Brights Bill Clymer Columbus PSA 1 PR " Rare Back "
12 bids - Price: $380.00 - Watchers: 33
Item #383658519730
1909-11 T206 Jack Chesbro PSA 4.5 VGEX+ 1909-11 T206 Jack Chesbro PSA 4.5 VGEX+
10 bids - Price: $335.00 - Watchers: 30
Item #143671118930
1909-11 T206 Set Break Johnny Evers portrait Piedmont 150 PSA 1 PR 1909-11 T206 Set Break Johnny Evers portrait Piedmont 150 PSA 1 PR
13 bids - Price: $81.00 - Watchers: 30
Item #324252663136
1909-11 T206 Fred Clarke PITTSBURGH, HOLDING BAT PSA 3 VG 1909-11 T206 Fred Clarke PITTSBURGH, HOLDING BAT PSA 3 VG
9 bids - Price: $92.80 - Watchers: 30
Item #353157289196
1909-11 T206 Frank Chance BATTING PSA 5 EX 1909-11 T206 Frank Chance BATTING PSA 5 EX
15 bids - Price: $456.55 - Watchers: 27
Item #143671118801

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About Anson Whaley

Anson Whaley is a contributor to Sports Collectors Daily and has been an avid pre-war and vintage card collector for more than 20 years. He manages a pre-war sports card blog and database at www.prewarcards.com . You can email him at [email protected] or find him on Twitter @PreWarCards.

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