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Honus Wagner Ultra Rare Baseball Card ... Sells For $1.2 MILLION!!!

A 110-year-old Honus Wagner baseball card -- the Holy Grail for card collectors -- just sold for $1.2 MILLION!!!

Craziest part? The card ain't in great shape ... the physical quality was only rated a 2 out of 10 (10's perfect mint condition)

So, why'd it sell for a freakin' fortune?

Wagner -- an 8x NL batting champion who's considered one of the greatest baseball players of all-time -- reportedly hated the card because it was made by a cigarette company ... American Tobacco Company.

'Cause of that, ATC only made a handful of the cards between 1909 and 1911 .