Magic Card Worth Over $2 Million Sends Collectors into Frenzy

Magic Card

A very rare Magic: The Gathering card from a new expansion was discovered on Friday, and it has the potential to be worth millions of dollars. The identity of the owner remains unknown, but experts speculate that the card could fetch over $2 million if sold.

Since the card’s discovery, the value of Magic packs from the same set has dropped significantly as collectors give up their search. The excitement and anticipation of finding this extraordinary card, akin to the search for the elusive One Ring from “The Lord of the Rings,” have dwindled.

To clarify, this thrilling pursuit is not related to Tolkien’s epic tale but rather to Hasbro’s trading card game, Magic: The Gathering. The game recently released an expansion that features a crossover with the beloved fantasy series.

The new set includes a unique version of the “One Ring,” a powerful artifact central to the story, triggering a grand conflict among men, elves, dwarves, and orcs. While there are different versions of the card in the set, the one-of-a-kind edition bears the inscription of the Black Speech found on the ring in the books and movies. These cards are typically sold in packs of 15, known as “booster packs.”

The discovery of the “One Ring” card was verified on Friday morning by the grading company PSA, which awarded it a “mint 9” grade. However, the identity of the card’s owner remains undisclosed.

Although the search for the card has come to an end, its ownership is still up for negotiation. According to The Wall Street Journal, two bids in the seven-figure range have already been made, with the highest bid coming from Francisco Rubio, the owner of the card shop Gremio de Dragones in Valencia, Spain. He has offered over $2 million for the card. Another substantial offer comes from Adam Martin, the owner of Dave & Adam’s Card World in Buffalo, New York, who initially bid $1 million but has chosen not to engage in a bidding war.

These offers would make the “One Ring” card the first Magic card to reach a value in the millions. Hasbro has reported that the odds of finding this card were less than 0.00003%, which has fueled unprecedented interest from both players and non-players.

The pursuit of this card has also resulted in exceptional price fluctuations for Hasbro. When the new set was released on June 23, the value of collector boosters, which contain 12 packs of cards, nearly doubled compared to previous sets, reaching a peak of $518.45. However, with the discovery of the “One Ring” card, prices have dropped by over $100.

Hasbro’s pricing strategy has previously sparked criticism among fans and commentators. In February, Bank of America downgraded the company for overproducing Magic cards to boost short-term earnings while devaluing the long-term worth of the cards as collectibles.

Players have also expressed frustration over the increasing costs associated with playing the game, leading many to view Magic as an increasingly expensive hobby. This has had a negative impact on local card shops that rely on card sales for their revenue.

“There’s a lot of wallet fatigue,” said Eric LaGaccia, owner of Action City Comics in Brooklyn, in an earlier interview with Insider. “To remain competitive, you need the latest cards, but the ones you just spent a significant amount of money on quickly become obsolete.”

In April, Bank of America extended its underperform rating for Hasbro, predicting continued weak performance for Magic products in the second half of the year, with a price target of $42.

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