Editor’s note: I’m very excited to present a guest article written by my buddy, and fellow T206 collector Justin Goodman, co-host of The Monster Podcast. Thanks Justin!”
In early 2002, Topps issued a T206-themed modern card set whose packs included randomly inserted original T206 cards sealed in small plastic frames. Because of the novelty of the old cards inserted into modern packs, the product sparked interest among modern collectors, as well as those chasing The Monster. Even today, the framed T206 cards continue to command a premium. Here’s what you need to know:
How many are out there?
For the 2002 set, Topps worked with a well-known T206 dealer to purchase a reported 4,000 T206s from the marketplace, which included some T205 and T207 cards. One estimate indicates that the odds of pulling one from a 2002 pack was roughly 1:100 depending on which of the three series the pack was from.
Topps inserted original T206 cards again in packs of its 2008 Topps Updates & Highlights (odds 1:1,384 packs), as well as its T206-themed products in 2009—on the 100th anniversary of the birth of The Monster—and 2010. One source shows the odds of pulling an original T206 from the 2010 product was 1 in 4,077. The odds of pulling a T206 from a Topps pack were the best, by far, in the original 2002 release.
These framed cards are commonly referred to as “buybacks” even though, as some have noted, the T206 cards used were not technically “bought back” by Topps since it never produced or owned them in the first place.
What do they look like?
In 2002, Topps released three series of its T206-themed cards in standard modern card size. The first series featured yellow plastic frames with clear cut-outs around the original T206 cards, the second series was blue, and the third was pink.
In 2008 and 2009, the T206 inserts had black frames.
There are no dedicated frames for the 2010 series because Topps apparently inserted those original T206s in unused 2002 buyback frames.
Which T206s were bought by Topps and inserted into packs?
Collectors’ accounts on message boards, auction sales records, eBay listings and personal experience demonstrate a pretty diverse range of T206s used for the buyback inserts.
Common players with common backs (Piedmont and Sweet Caporal) make up the overwhelming majority of the buybacks that have been seen. However, a good number of Hall of Famers, including with scarcer and even rare backs, have been verified as well.
According to one former Topps employee: “I worked at Topps as a baseball editor in 2001-2 and probably my favorite couple of hours there was opening that package from [dealer] Kit Young and sorting those T206 cards alphabetically on the carpet floor of a meeting room. I wish I had taken a picture. There were a few nice HOFers there too, highlighted by Walter Johnson.”
The Hugh Duffy with a Polar Bear back above is just one example of a tougher combination appearing in a buyback holder. One collector has reported seeing a Christy Mathewson portrait as a buyback. There have also been sightings of American Beauty, Cycle (see photo below) and Sovereign backs. In one extraordinary example detailed below, I have a rare T206 John McGraw (with cap variation) with a black Lenox back.
While these tougher cards are clearly exceptions, not the rule, it’s important to keep in mind that the market for T206s was not nearly as strong in 2001 when these cards were being purchased, so what may seem outlandish to insert as a giveaway now may not have seemed that way nearly 20 years ago. For example, the now-highly-sought-after Elite 11 rarities were not documented until the mid-late 2000s, and some, like the Bill Dahlen (Boston) Piedmont 350 shown below, have appeared as Topps buybacks.
What condition are the framed T206s in?
The condition of the inserted T206 cards generally ranges from Poor to Very Good/Excellent. Several collectors have reported T206 cards removed from their Topps buyback frames earning a grade of a 4 (VG-EX) from third party graders. There is also evidence that some of the inserted cards had been trimmed or otherwise altered at some point in their lifetime.
The former Topps employee quoted above also wrote: “There was no QC to this effect from Topps’ end. I’m sure that all were authentic, but these were purchased and inserted raw and had never been graded (or perhaps some of them had been attempted, but who knows). In any case, we didn’t do anything to ensure no trimming or alteration.”
For example, this apparently-trimmed Bill Dahlen (Boston) Piedmont 350 back—one of the super rare “Elite 11”—in a Topps buyback frame is currently listed for sale on Net54.
Of course, Topps used these low-grade buyback cards as a marketing tool, and never guaranteed collectors anything more than an authentic original T206 card, so they shouldn’t be purchased with any expectation beyond that. BVG is currently the only grading company that will grade and slab T206s still encased in the Topps buyback frames. Other third party graders will remove the card from the frame upon receipt or require that you do so prior to submission.
What do collectors think?
There’s a wide range of opinions on the desirability and value of the Topps T206 buybacks. Many T206 collectors feel the re-inserted cards do not warrant any kind of premium price. They don’t like the aesthetics of the modern plastic frame, and prefer to have the cards in their original raw state.
But, there are modern and pre-war collectors who seek the cards out because of their novelty and are willing to pay extra for them. To a modern collector, the T206 buybacks are seen as rare inserts to chase. To some pre-war collectors—and they are definitely in the minority—they’re notable artifacts because they represent a new way these 100-year-old cards made it into the hands of collectors.
Whether or not you want to collect them, the marketing gimmick has had the positive effect of inspiring new T206 collectors. A poster on Net54 wrote: “I would think the appeal is not necessarily to seasoned collectors, but to kids and adults who like to buy packs but aren’t necessarily “in the hobby”… to them, pulling a genuine old card (no matter who the player is) from a pack probably would be a thrill. You never know if a buyback card pulled today might be the first step in the journey of some great collection of the 2050s or 2060s.”
There seems to be some validity to this. One collector said: “I like them. I pulled two in 2002 and they got me interested in T206/prewar. A couple years ago I released them from their sleeve and had them graded. They’ll always have sentimental value to me as they were my first.” Another wrote about he and his daughter, “Our first “real” t206 card as a hit on the 2002 set led to a lot of research and a serious case of monsteritis.”
What are they worth?
Despite the mixed feelings about the Topps T206 buybacks, they continue to sell for a premium. For instance, a beat up common with front paper loss and back staining and paper loss recently sold for double its raw value just because it’s a Topps buyback.
For lower dollar cards, T206 buybacks still seem to command a roughly 25% to 100% markup over their raw or third-party-graded counterparts, though the pool of interested buyers is quite small. For Hall of Famers and other more desirable buybacks, the mark-up is significantly less, especially since the leading third-party graders require that the card be removed to be authenticated, graded and encapsulated. Additionally, because of some of the fraud concerns raised below, there is less interest in purchasing high-dollar T206 buybacks because of the risk.
Buyer beware
There is evidence that some fraud is taking place. In the 2002 Topps set, the plastic frames used for the T206 buybacks were also used to house other, less valuable inserts that now often sell for less than a dollar. In some cases, unscrupulous hucksters have carefully cut open the frames to insert original T206s (which then sell for a premium) and even phony T206 rarities.
One thief has repeatedly been caught purchasing dozens of low grade T206 cards on eBay and elsewhere, cleaning them up, inserting them into recycled Topps buyback frames and selling them on eBay as original buybacks just to squeeze a few extra dollars out of unsuspecting buyers. Above is an actual example of one of the before and after of one of these phony buybacks as a collector on Net54 documented.
A personal story
A year and a half ago, a 2002 Topps T206 John McGraw (with cap variation) buyback with a rare black Lenox back showed up on eBay. Collectors on the Net54 message board immediately began voicing strong doubts about the authenticity of the card, both the ultra-tough McGraw/Lenox combination, and the fact that a card of such scarcity would have been inserted into a pack as part of Topps buyback program.
The card was in rough shape to be sure, but I examined it closely and the wear and tear looked right to me, despite the compelling red-flag of such a rarity ending up in the Topps buyback holder. After some deliberation and consultation with other collectors—many who were skeptical—I took the plunge and purchased the card.
Upon receipt, I crowdsourced input on whether to cut the card out, keep it as it or send it in to be graded. Most of my friends said to cut Mugsy out. I ultimately decided to because if SGC determined the card was phony and they were the ones who removed it from the buyback frame, I would have strong evidence for a refund from the eBay seller. I sent it in with instructions that they cut it out of the frame and grade the raw card. Thankfully, he came back graded Authentic by SGC.
There’s a common expression in card collecting, “Buy the card, not the grade” (or “Buy the card, not the slab”). It’s some of the best advice out there for collectors, and it holds true for the Topps T206 buybacks as well. Don’t ever blindly trust the plastic frame, or the PSA slab. Use your own eyes and judgment (and the expertise of other collectors) to determine if a card is what it’s advertised to be and if it’s the right card for you.
In this case, the buyback holder alone wasn’t a good enough reason not to buy the card. But a name brand holder also shouldn’t be a reason to buy any card without carefully inspecting it in light of all the information above.
Take home message
With an estimated 4,000 original Topps T206 buybacks, it’s likely that the overwhelming majority being encountered out there are legitimate, as long as you keep in mind the caveats that even real buybacks may contain altered cards; there has been fraud with commons; and some eye-catching examples out there are too good to be true.
I don’t specifically search out the buybacks and wouldn’t pay a premium for them, but tend to agree with Luke’s opinion that, “the Topps holder just kind of adds to the story of the card.” Topps did the hobby a service by giving these special cards a chance to once again spark enthusiasm for tobacco card collecting like it did in so many people over a century ago.
Written by Justin Goodman