M is not for Macgregor. Not sure what it is but Ben Hogan had his own company producing clubs in Fort Worth TX. It was on the corner of I30 and Montgomery Street. Value is what ever a collector is willing to pay.

A MacGregor M on a Hogan club? Ben would be turning over in his grave. LOL

Actually, Hogan did play a McGregor club in the 50's. Ben Hogan's MacGregor irons- The ones he used in the Triple Crown 1953 season- auctioned for over $42K- have "Personal Model" stamped on them.... This is a model 1622 made in 1951 could be a McGregor, but probably a retail model. If you have the time you can learn a lot thru the internet. Might be worth you researching. A set similar to yours sells for $79 on eBay.

Not sure what the M is for but MacGregor did in fact make the Par Maker with Ben Hogan's name on them. I believe it was back in the 50's, but as I was only born in 56 I'm not sure of the date.

Hogan started his club company in 1953, so, if those clubs are from the 40s, they could be a Ben Hogan model made by another company. If they were made by Macgregor, I would think the branding would be more conspicuous than a M.

These MacGregor Hogan 1622s were made between 1948 and 1953. They came in two types, 1622 which had leather grips and 1622C that came with all weather cord grips. The clubs usually sell on ebay for about $100 or so a set. The most valuable club from the set is the rarely seen 1 iron. They are very difficult to find and go for $500-$1000. Hogan himself used a "Personal Model" that was in the "Concentrated Weight" style of the 1622/1662 series, but was not the same offset, grind or material (stainless) as the retail sets.