According to state police, the unidentified collector shelled out $5,500 to an Arizona dealer and had it shipped to a friend in Pennsylvania, who then brought the card along with five others, to him at a motel near Rochester.
The card was the only thing missing from the collector's room during the apparent robbery on Oct 3, police records stated.
The card was issued in 1954 by the Wilson Franks hot dog company and, according to collectors, is the most desirable since Williams was one of 20 players depicted in the William Franks set from that year.
Collectors said cards from that era are not considered to be durable, so it's rare to fine one in perfect condition.
New York state police are contacting local card dealers and the victim is reportedly reaching out to fellow members of the collector community. Authorities are hoping by making the case public, someone who might have purchased the card from the thief comes forward.