Cards some collectors think are rare, but are not.

[Rhotchkiss]

i think the T206 Wagner is the perfect combo of rarity and scarcity. With 60-70 known, there are not many. But it is not "rare", at least not compared to other cards (even Wagner cards) where less than 5 are known to exist. Yet, the demand for the T206 Wagner exceeds its supply, making it scarce and thus ever-increasing in value.

If there were 1,000 T206 Wagners, I doubt they would be as valuable as they are, because the supply may be sufficient to support the demand in a way that puts less upward pressure on the card's value. At the same time, if there were only 5 T206 Wagners, it similarly may be worth less because the pure rarity may limit its overall desire. That said, the T206 Doyle NY Nat'l has only 9 graded and its low pop (combined with relative-nobody subject) does not seem to have hurt its value, so maybe the t206 Wagner if there was only 5, would be worth 10x more!