Because the T206 set has always been popular, the Wagner has had the status it has even as far back as the 1930's and 40's. None of the other cards we consider rarities today- N172 Anson, Four Base Hits Kelly, Baltimore News Ruth, T210 Jackson, etc.- were even on the radar back then.
As a result, many of the buyers of a Wagner in the last twenty years very well may have heard stories about it in their childhood. So it's kind of been one of those cards that has always been out there as a "must have" item.
Again, it's supply AND demand. There may be 70 of them known but there are way more than 70 people who would love to own one. So I find it a little hard to call it overrated. It is what it is.
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