In 1954 Ben Hogan began producing clubs though his own company—the Ben Hogan Golf Company.  Prior to that time, Hogan was on the MacGregor staff.  MacGregor would mark "Personal Model" on the irons made for Hogan.  The sand iron here is one such club.  The wear on the face is typical for a sand iron.  The chrome on the head is clean, with very little bag wear. The True Temper Tourney shaft is original as is the ferrule. 

The Pro Only cord-line grip is a replacement, but possible for/by Hogan himself. An image of Hogan's hand taken at the 1957 Masters, shows him holding an unmistakeable Pro Only Cord-Line grip. See a copy of that image in the photos of this club.

Three sets (none complete) of MacGregor Ben Hogan Personal Model irons are known.  Two are in the USGA Museum and a third set of seven irons from 1953 sold a few months ago at auction for $42,500. It did not include a Sand Iron.  I know of one other MacGregor Ben Hogan Personal Model sand iron.  It shows little use.  This is an exceedingly rare and wonderful piece of Hogan history!