A Controversial Honus Wagner Breaks Record for CGC Graded Card Sale

While heavily restored, the card was authenticated by the grading company. The card previously sat on a desk as a paperweight for a well-known media personality and card collector.

Piedmont Delicatessen is designed around an old Piedmont Tobacco mural discovered in the building. The tobacco company was famous for including baseball cards in packs of cigarettes, the most valuable of which depicted Pittsburg Pirates player Honus Wagner, owners said. | USA TODAY Network via Reuters Connect

Honus Wagner has set yet another record. The famous 1909 T206 just set the record for the highest-selling card graded by Certified Guaranty Company (CGC). On Saturday, August 9, the card known as the "Die-Cut Wagner" sold for a whopping $1.33 million with Love of the Game Auctions after an opening bid of $400,000.

A Honus Wagner graded by CGC just set the record for highest selling card in a CGC slab. The Wagner went for more than $1.33 million. | CGC

The card, which was not numerically graded but authenticated, was on display at both Fanatics Fanfest and The National Collectors Convention before being offered up at the auction house, giving fans a chance to see the piece before it found a new home.

Heavily Restored Wagner Served as a Paperweight For Media Personality

While this card has its own level of prominence alone, this particular piece was owned by media personality and card collector Keith Olbermann. Not knowing what he had, the story goes that Olbermann had it sitting on his desk as a paperweight until a hobbyist brought it up. Olbermann submitted the card to the auction house to confirm its authenticity. To make it official, Olbermann submitted it to CGC, where it came back Authentic. Albeit restored, the card was real.

A Honus Wagner graded by CGC just set the record for highest selling card in a CGC slab. The Wagner went for more than $1.33 million. This is the back of the card that sold. | CGC

It's unknown why CGC was selected to authenticate the card, but it speaks worlds to the current state of grading today. While PSA generally carries more value on the market, with their slow turnaround times, collectors are looking to other companies to get their cards graded and slabbed. Historically Sportscard Guaranty Company (SGC), that company is also slow to get cards back. And grading a card of this prestige elevates the company by the amount of coverage record-setting card sales receive.

The Die-Cut History of this Honus Wagner

This particular card was nicknamed The Die-Cut Wagner because it was trimmed to leave just the bust photo of Wagner in the 1970s. Sold roughly 20 years later, the card underwent a revival.

The state of the Honus Wagner owned by Keith Olbermann prior to its restoration | Sports Collectors Daily

Following its acquisition, Olbermann found an expert with access to the right materials to restore the famous piece. Olbermann commissioned the card to an expert paper conservator, who had access to the proper materials, to restore the piece.

The restoration portion of this story will surely be debated in hobby circles around the country. Many hobby enthusiasts see restoration as something that shouldn't be done to cards. The card's condition is the card's condition and should stay that way.

This particular restoration was completed with such detail that, according to reports, Olbermann didn't recognize the card. It ended up on his desk as a paperweight, as he figured it had little-to-no value, as the card was so heavily restored. It took another card guy to get him to send it to an auction house. That's where Love of the Game Auctions used their technology to see that it was authentic, followed by its submission to CGC.

Highest Selling Wagner Sold Four Years Ago

The highest selling Honus Wagner was sold for $7.25 million in a deal brokered by Goldin. | Card Ladde

While $1.33 million is nothing to be shy about, it is far from the highest-selling Wagner. In August of 2022, a copy graded an SGC 2 was sold by Goldin for $7.25 million as a best-offer sale, according to Card Ladder.