Vintage
The Vintage format, formerly known as Type 1, allows cards from all sets that are legal for constructed play (known as an "Eternal" format). Vintage maintains a small banned list and a larger restricted list. Unlike in the other formats, the DCI does not ban cards in Vintage for power level reasons. Rather, banned cards in Vintage are those that involve ante, manual dexterity (e.g. – Chaos Orb), or subgames (e.g. – Shahrazad). Cards that raise power level concerns are instead restricted to one per deck. Vintage is currently the only format in which cards are restricted. Because of the expense in acquiring the old cards to play competitive Vintage, many Vintage tournaments are unsanctioned and permit players to use a certain number of proxy cards. These are treated as stand-ins of existing cards and are not normally permitted in tournaments sanctioned by the DCI.
Legacy
Legacy is another "Eternal" constructed format. It also allows cards from all legal sets, but unlike Vintage, it maintains only a banned list, and cards are banned in Legacy for power level reasons. The format evolved from Type 1.5, which allowed cards from all sets and maintained a banned list corresponding to Vintage: all cards banned or restricted in the old Type 1 were banned in Type 1.5. The modern Legacy format began in 2004, as the DCI separated Legacy's banned list from Vintage and banned many new cards to reduce the power level of the format.[6]
Wizards has supported the format with Grand Prix events and the release of preconstructed Legacy decks on Magic Online in November 2010. The first Legacy Grand Prix was Grand Prix Philadelphia in 2005.
Modern
Modern is the newest constructed format. Modern was created by Wizards of the Coast in the Spring of 2011 as a response to the increasing popularity of the Legacy format, which although popular proved difficult to access due to the high price of staple cards.[10] Wizards of the Coast is unable to reprint some of these cards due to the Reserved List, a list of cards Wizards promised never to reprint in order to protect card prices. Therefore, Modern was designed as a new format that would exclude all cards on the Reserved List, allowing the format to be cheaper than Legacy.
Modern allows cards from the 8th Edition core set and all expansion printed afterwards. The 8th Edition core set was when Magic cards began to be printed in modern card frames, and this is where the name for the format is derived. Wizards believed this cutoff would have the advantage of giving a visual cue as to which cards are legal in the Modern format.
The format maintains its own banned list. Cards are banned on the basis of their power level, as in all constructed formats outside Vintage. The first official tournament to be held using the format was Pro Tour Philadelphia in September 2011. The first Grand Prix to use the format was Grand Prix Lincoln in February 2012.