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WesleyI agree with Jim in that scarcity is what makes the T206 valuable. No doubt it has more historic significance and comes from the most popular prewar set of all time.
The scarcity of caramel cards are hard to judge. If we are looking at all E92 Wagner cards collectively, they might outnumber the T206 Wagner. On the other hand, if we look at the different E92 variations, there are several back variations that might be tougher than the T206 Wagner. The population reports show OVER TWENTY T206 Wagners graded. The same population reports show only TWO Crofts Cocoa Wagner graded. While it is possible that people simply have not submitted all of their Crofts Cocoa cards, current information tends to suggest that the Crofts Cocoa Wagner is a tougher card. Likewise for Nadja Wagners and Crofts Candy Wagners, some of these variations are a lot tougher than most people give them credit for.