Virtually every schoolboy who is interested in baseball cards knows the story of how Topps bought Bowman. After World War II, Bowman was the leading brand of baseball card, or, at least from 1948 until 1951. Then, in 1952, Topps released its landmark 1952 set. Bowman and Topps battled for baseball fans’ nickels and pennies until 1955. Then, in early 1956, Topps bought Bowman, and that was the end of Bowman until the late 1980s, when Topps dusted off the brand name and started issuing Bowman cards again. And Topps faced precious little competition in the baseball card field until 1981, when Fleer and Donruss won the right to produce cards.
That’s the story as I knew it. But there’s a lot more to the story, starting with the details of the purchase. In January 1956, Topps bought its once mighty rival for a mere $200,000. Normally a company sells for 10 times its annual revenue, and Bowman had sold $600,000 worth of baseball cards alone just two years before. The purchase price makes no sense, until you dig a bit deeper.