|August 28, 2012 (Updated May 2014)
Michael Jordan has just two hobby acknowledged rookie cards. In the 1984-85 Star Company Basketball set he has card #101, often referred to as a XRC. At the time, Star was a limited set that was distributed by the 'Team Bag' instead of the traditional pack. During the mid-1980's Topps, Fleer and other small card companies were not making basketball cards.
In 1986-87 Fleer did release a set after Jordan had been in the league for a couple years. The 1986-87 Fleer is considered a rookie card though, card #57 in the set. Both the 84-85 Star and 86-87 Fleer Michael Jordan rookie cards are very condition sensitive. The cards feature red borders which are very prone to chipping on the edges or corners. In addition, centering was a big issue for the NBA cards back in those days. The printing technology was not as advanced as it is today, clearly, so imperfections on the surface of the card can happen just because the process didn't produce mint cards for the most part.
1986-87 Fleer Michael Jordan RC PSA -> Cards on eBay
14,000+ Fleer Jordan RC Cards Have Been Graded by PSA.... Only 189 PSA GEM MINT 10's
In about the late 1980's, the value of sports cards started to rise and both Jordan RC's from Fleer and Star started to become hot collectible items and potential investments. This led to a rise in the counterfeiting of both cards. The 84-85 Star card is notorious for being faked, but the 1986-87 Fleer has a ton of bootleg versions as well. Companies like PSA: Collectors Universe - and BGS: Beckett Grading Services will authenticate and professionally grade cards which helped establish a true market for real deal Michael Jordan rookie cards. In total, PSA has graded over 14,000 1986-87 Fleer Michael Jordan Rookie Cards. Only 189 of them have been graded the top score - PSA 10.
May 2014 Update: Prices From February 2014 - May 2014
1986-87 Fleer Michael Jordan PSA 10 - $12,000 (PWCC)*
1986-87 Fleer Michael Jordan PSA 10 - $10,300
1986-87 Fleer Michael Jordan PSA 10 - $10,200.99
1986-87 Fleer Michael Jordan PSA 10 - $10,102
1986-87 Fleer Michael Jordan PSA 10 - $9,999.99
*This card was sold by Pre War Card Collector (PWCC). This seller tends to get a tad bit more because of their high profile eBay account.
20 of the 148 PSA 10's Have Been on eBay From: August 23, 2011 - August 23, 2012
Below is a snapshot of a 12 month span of the sales of PSA 10 Michael Jordan Fleer Rookie Cards on eBay. There were no sales of a PSA 10 86-87 Fleer Jordan RC in the month of August 2011, so keep that in mind. In total, 20 of the 148 PSA 10 graded Fleer Jordan RC's have shown up on eBay in the last 12 months from August 23, 2011 - August 23, 2012. Also note that some of them could be the same one being re-sold or re-listed, but this price data should give you a general idea of a value for a PSA 10 Jordan rookie.