Honestly, if you've spent more than five minutes in the sports card world, you know the name. It’s the one card that even your grandma might recognize if she saw it on the news. The T206 Honus Wagner. Specifically, the one people call the "Gretzky Wagner." It’s basically the Mona Lisa of cardboard. But here’s the thing: the story behind this specific slab of tobacco-stained paper is way weirder, shadier, and more fascinating than just "it's rare and expensive."
We’re talking about a card that has been through a federal fraud investigation, a prison sentence, and a grading scandal that still makes collectors argue until they’re blue in the face. It’s not just a piece of history. It’s a crime scene.
Why the Gretzky T206 Honus Wagner is different
Most people think all Honus Wagner cards are the same. They aren’t. There are maybe 50 to 60 of them left in existence, give or take a few lost in attics. Most look like they’ve been through a literal war—rounded corners, creases, spit stains from 1909.
Then there’s the Gretzky copy.
This card looks... perfect. Too perfect. It has sharp, 90-degree corners that look like they were cut yesterday. It has bright, vibrant colors. In 1991, hockey legend Wayne Gretzky and Bruce McNall (who owned the LA Kings at the time) bought it for $451,000. That was an insane amount of money back then. People thought they were crazy. But Gretzky’s name attached to the card turned it into a mainstream celebrity. Suddenly, it wasn't just a hobby item; it was a high-end asset.
The card was so beautiful that when a new company called Professional Sports Authenticator (PSA) started up, they chose this card to be the very first one they ever graded. If you look at the slab today, the serial number is 00000001. It got a PSA 8 (Near Mint-Mint). For a card from 1909, an 8 is basically impossible.
And as it turns out, it actually was impossible.
The Bill Mastro confession that changed everything
For decades, rumors swirled. Collectors whispered that the card looked a little "slim." They said the edges were too straight. But the hobby's elites defended it. They wanted to believe in the dream.
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Then the FBI got involved.
In 2013, a man named Bill Mastro, once the most powerful figure in sports auctions, sat in a federal courtroom. He wasn't there to talk about batting averages. He was there because of mail fraud. As part of a plea deal, Mastro admitted to something that broke the hearts of purists: he had trimmed the card.
Back in the mid-80s, Mastro bought the card from a guy named Alan Ray. At the time, it had slightly frayed edges. To "improve" it, Mastro took a paper cutter—yes, a literal paper cutter—and sliced the sides to make them look sharp and clean. He basically performed plastic surgery on a masterpiece to inflate its value.
Does the trimming actually matter?
You’d think a card being "altered" would make it worthless. Usually, if you trim a card today, PSA or SGC will send it back in a baggie labeled "Authentic - Altered," and the value drops by 90%.
But the Gretzky Wagner is the exception to every rule.
Even after the world knew it was trimmed, it didn't matter. The "Gretzky" provenance and the fact that it’s the most famous singular item in the history of collecting kept the price climbing. It’s like finding out a famous diamond was slightly recut—it’s still a giant diamond.
The ownership trail: From The Great One to a Diamondback
Wayne Gretzky didn't keep the card forever. He eventually sold his share, and the card went on a wild journey.
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- 1995: Walmart buys it for $500,000 to use as a grand prize in a promotional contest.
- 1996: A Florida postal worker wins it. Can you imagine? Checking your mail and finding out you own a Wagner. He sold it at Christie's for $640,000 shortly after.
- 2000: Collector Brian Seigel picks it up for $1.27 million.
- 2007: The card hits a peak when Ken Kendrick, the owner of the Arizona Diamondbacks, buys it for $2.8 million.
As of 2026, Kendrick still owns it. He’s been pretty open about its history, even though he knows it was trimmed. To him, and to most of the hobby, the card is a symbol. It represents the era when card collecting went from a "kids' hobby" to a billion-dollar industry.
What most people get wrong about Honus Wagner
The biggest myth? That Wagner hated tobacco.
The story everyone tells is that Honus was a saintly man who didn't want kids to buy cigarettes just to get his picture. It's a nice story. It's also probably not 100% true. Wagner used tobacco. He chewed it. He smoked cigars. He even had his own line of "Hans Wagner" cigars.
The more likely reality? He wanted to get paid.
The American Tobacco Company (ATC) was using his image without a signed contract or proper compensation. Wagner was a savvy guy. He realized they were making money off his face, and he wasn't seeing a dime. He sent them a letter telling them to stop. They did. That’s why there are so few. It wasn't a moral crusade; it was a business move.
Why you'll probably never find one in your attic
I hate to be the bearer of bad news. People find "Wagners" in their basements every single week. They are almost always reprints from the 1970s or 1980s.
A real T206 Wagner is tiny—much smaller than a modern Topps card. It’s about 1-7/16 by 2-5/8 inches. If you find one and it’s the size of a modern baseball card, it’s a fake. Also, the "Gretzky" one has a Sweet Caporal back, though other Wagners have Piedmont backs.
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If you're looking at a card and the colors are "dot matrix" (lots of little tiny dots visible under a magnifying glass), it’s a modern print. The originals were lithographs. They have a smooth, painted look to them.
The future of the "Holy Grail"
Prices for Wagners—even the beat-up ones—have exploded lately. A PSA 2 (basically a "Good" condition card) sold for over $7 million recently.
Where does that leave the Gretzky Wagner?
If Ken Kendrick ever decided to sell, the bidding would likely start at $20 million. Maybe more. Even with the "trimmed" asterisk next to its name, it’s the king. It’s the card that started the grading industry. It’s the card that brought the FBI into the hobby. It's a piece of American folklore that happens to be made of 115-year-old cardboard.
Next steps for serious collectors or enthusiasts:
If you're fascinated by the history of the T206 set, you should check out the PSA Population Report to see the surviving numbers of other rarities like the Eddie Plank or the Sherry "Magie" error. For a deep dive into the legal drama, look up the 2013 federal indictment of Bill Mastro; the court documents read like a thriller. Finally, if you're ever in Phoenix, keep an eye on the Diamondbacks' stadium exhibits—Kendrick has been known to display parts of his collection for the public to see.