Laura Packard (pictured) is vice president, sales andmarketing, for American Collectors Insurance.

Spring brings thoughts of baseball cards to the mindsof fans, collectors, dealers, and insurance agents in thecollectibles insurance marketplace. That's true even more so thisyear, after a rare Honus Wagner 1909 baseball card sold for an auction record$2.1 million in April.

In the early 1900s Wagner was the best-known name amongall ballplayers, leading his team to the World Series title in1909. He later became one of the first five players inducted intothe Baseball Hall of Fame. Many consider him the greatest shortstopto ever play baseball. His 1909 T206 card also has its own plaquein the hall.

The card depicting the Pittsburgh Pirates legend was issued bythe American Tobacco Co. as part of a series between 1909 and 1911.(Beginning in the 1870s, baseball cards of the era were included incigarette packs.) Wagner's card is believed to be so valuablebecause it's rare: Fewer than 200 of his cards were ever issued, inpart because of his request not to have his card included incigarette packs.

Baseball cards and other sports-related collections draw specialinterest from hobbyists throughout the country. Here's a look athow baseball cards got started, and how they're insured today.

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The First-Ever Baseball Card: 1865

Baseball card collecting is just a generation younger thanbaseball itself. Wikipedia reports that the “first published rulesof baseball were written in 1845 for a New York City 'baseball' club called the Knickerbockers.” The reference site notesthat the author of the rules, Alexander Cartwright, “is one personcommonly known as 'the father of baseball.'”

Card collecting as a hobby is nearly 150 years old.

A team card for the Brooklyn Atlantics created in 1865 is knownas the first baseball card. However, it would be unfamiliar totoday's modern fans since it was actually a photograph of the teamthat was handed out to spectators prior to games. Fans of the gamebegan to collect these team photos glued to cardboard.

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Buy Me Some Peanuts and Cracker Jack (and Get a Card,Too)

Around the time of World War I, hand-colored cards could befound in boxes of the snack Cracker Jack, still popular today andimmortalized in the 1908 song “Take Me Outto the Ballgame”–long the unofficial anthem of baseball inAmerica and traditionally sung during the seventh-inningstretch.

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For Love or Money – Or Both?

Gus Sauter, former chief investment officer of mutual fund firmThe Vanguard Group, recently gave The Wall Street Journal hisanalysis of whether collections make for good investmentvehicles:

Collectibles, like art, or stamps or comic books, do nothave a measurable fundamental value. Certainly, they provideenjoyment to some people who love to examine them. But the only wayto make money investing in collectibles is to find someone who iswilling to pay more for them than you did.

It's true that the value of any collectible is in the eye of thebeholder. Enjoyment, as the quote suggests, is really the name ofthe game for many sports card collectors.

Although some collect for money's sake, many do it out ofinterest or passion. Collecting allows them to enjoy the past, owna piece of a sport that they love, and give them a connection withfamous athletes. For many collectors, any investment value of cardsand other sports collectibles is secondary.

What Risks Do Collectors Take On?

Collectors typically want to protect what they collect, even ifthey are not choosing to collect for investment purposes. Thelargest risks to baseball cards are loss in a home fire, waterdamage due to flood, and theft either from a home, vehicle, orduring a show.

From an insurance perspective, underwriting guidelines andpricing decisions focus on understanding the values of differenteras of cards and collections. While some collectors like to getappraisals, typically insurance underwriters don't require them.Collectors and insurance adjusters alike turn to sports card priceguides for valuation and claims information.

Homeowners insurance might cover valued collections under asublimit for possessions, but cover only perils such as fire,lightning and windstorm. Specialty collector insurance, bycontrast, typically provides coverage for full collector value, andfor a multitude of perils including accidental breakage, fire,flood, theft, hurricane and earthquake.

Many consumers aren't aware of the distinctions betweenpolicies. Agents who bring the issues to the attention ofcollectors can gain an add-on sale as well as a better-protectedand more loyal client.

Read related: “CollectiblesCoverage: Insuring Prized Possessions.”

Sports Collectibles Galore

Baseball cards are just one type of sports collectible. Thesocial networking site Pinterest includes many boards with photosof sports collectibles. For infographics on baseball cards, sportscollectibles and other collections, see pinterest.com/amercollectins/.