05/26/2010 05:12 am ET Updated May 25, 2011

The Great Baseball Card Bubble

Around the mid-1970s, a small cabal of serious baseball card collectors grew wise to the fact that their cards had become valuable. Cards had almost always had prices attached to them, even when prolific collector and cataloger Jefferson Burdick began sending out his Card Collectors Bulletin in the 1930s. But cards that had been worth a few cents were now worth a few bucks, and some of the rarer specimens, such as the T206 Honus Wagner, were commanding hundreds and occasionally thousands of dollars apiece. The number of trade shows sprouting up in the East and the Midwest testified to a growing market.

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