Baseball cards were first introduced in the late 1880s as trade cards inserted in packages of cigarettes and other tobacco products to help advertise those companies’ brands. In the early 20th century, baseball cards began to be included in bubble gum and candy as a marketing tool. The modern era of baseball cards is widely considered to have begun in 1933 with the introduction of Goudey Baseball Cards. The 1928 season saw the release of several early baseball card sets that helped popularize the hobby in its earliest days.
In 1928, American Caramel Company released what is considered the first true baseball card set. It featured 133 cards highlighting players from the National League and American League. Each card measured approximately 2.5 inches by 3.5 inches and featured a black and white player photo with stats and details on the reverse. Star players like Babe Ruth, Lou Gehrig, and Rogers Hornsby had relatively higher print runs compared to lesser players. Inexplicably, the set omitted Hall of Famer Edd Roush altogether. Overall production numbers for the complete set were low, making high grade examples quite valuable today. Near mint condition cards from this pioneering set can fetch thousands of dollars.
Also in 1928, Goodwin & Company issued its only baseball card set prior to being acquired by American Leaf Tobacco. It had 48 cards featuring players from both major leagues on thin card stock. The cards measured roughly the same size as the American Caramel set but utilized color lithographs for the player images rather than photos. The artwork varies in quality but captures the players’ likenesses. Production was low for this early release. Finding intact examples higher than very good condition is rare and expensive. Even poorly-centered or damaged Goodwin cards in collectors’ hands can sell for over $100 due to their scarcity and historical significance.
Exhibit Cards was another early manufacturer to issue baseball cards in 1928. Their output was very small, consisting of just 15 test cards sent to tobacco manufacturers as samples. Each featured a color portrait of one star player like Babe Ruth or Lou Gehrig on the front with stats on the reverse. Only a handful are known to exist today in collectors’ hands. In the exceedingly rare event that one appears for sale, it would likely command a huge price in the five or even six figure range.
In addition to the specialized sets from American Caramel, Goodwin, and Exhibit Cards, baseball cards could also be found as inserts in candy such as Cracker Jack and caramel products like Clorets gum in 1928. These early promotional issues provide another avenue for collectors seeking vintage cardboard from that year, but they lack the cohesiveness of the dedicated sets. Still, they provide another way to obtain high value vintage content for an expanding collection.
When considering prices for 1928 baseball cards in the current collecting market, there are several factors to take into account. Of course, condition is extremely important. Even minor flaws can significantly impact a card’s worth. The specific player featured also matters greatly. Superstar names from that era like Babe Ruth and Lou Gehrig will invariably be more expensive regardless of set or condition compared to more obscure players. The rarity and size of each set’s original production run also plays a major role. As noted above, sets by Exhibit Cards and even Goodwin were quite small, making any examples especially valuable. The recent auction prices realized for comparable examples must be researched to determine a card’s fair market value within the current collecting environment.
For the most desirable 1928 baseball cards in top grades, prices have reached astronomical levels in recent years. In 2021, a PSA Gem Mint 9 example of a Babe Ruth card from the American Caramel set broke records by selling at auction for $5.2 million, making it the most valuable baseball card ever sold publicly up to that point. Other star cards from that pioneering set in similar condition can now command six figures as well. Even poorly-centered but high grade examples of Ruth or Gehrig routinely sell for over $10,000. Condition census Goodwin cards have topped $25,000. And while no graded Exhibit Cards are known to exist, an ungraded example once considered for over $500,000 prior to selling privately.
The 1928 season saw the dawn of truly dedicated baseball card sets that helped spark growing interest in the hobby. While production was small and many issues are now extremely rare, the cards from brands like American Caramel, Goodwin, and Exhibit hold great historical significance. Condition is critical, but examples featuring the top players of the day in any grade period attire command impressive prices. With such a small surviving population and tremendous demand, 1928 issues remain the most coveted and valuable within the entire collecting realm. Their early place in the evolution of baseball cards ensures 1928 cardboard will remain hugely important to the hobby for generations to come.
