Introduction
The 1919-1922 W516 series of baseball cards produced by the American Caramel company are some of the most iconic and valuable issues in the entire sport. Spanning the years immediately following World War 1, these cards captured some of the game’s biggest stars of the era including Babe Ruth, Ty Cobb, and Walter Johnson. While production and distribution of the cards was limited compared to modern issues, their nostalgic images and connection to the early 20th century evolution of baseball have cemented their place in collectible card history. This in-depth price guide will examine details of the W516 series, provide background on the included players and teams, and establish valuation estimates for the highest graded specimens based on sales data and market trends.
The W516 Series Overview
The W516 cards were inserted as prizes in caramel products manufactured by the American Caramel Company of Fort Madison, Iowa between 1919-1922. A total of 524 individual cards were produced over the four year run, featuring mostly players but also some managers and umpires. The cards measured approximately 2.5 x 3 inches and were printed on thin paper stock with images on the front and backs that usually included a short biography. Distribution was limited to areas where the caramel products were sold, so the cards had a relatively small regional footprint compared to modern national releases. This scarcity combined with the nostalgia for the early 20th century “Deadball Era” of baseball have made high grade W516 examples some of the most valuable vintage sports cards.
Babe Ruth Dominates the 1919 Issue
The 33 card 1919 issue is headlined by Babe Ruth in the very early stages of his legendary career with the Boston Red Sox. At this point, Ruth was still primarily a pitcher but his prowess as a slugger was beginning to emerge. His card ranks among the most iconic and valuable in baseball card history. Other notables from 1919 include Ty Cobb, Honus Wagner, and Walter Johnson. Top graded PSA/BGS specimens of Ruth’s 1919 card in Gem Mint 10 condition have sold for over $2 million, reflecting his enduring popularity nearly 100 years later. Other key stars from 1919 like Cobb and Wagner in top-grades can reach $100,000-200,000 at auction.
Ruth’s Fame Explodes in 1920
The 1920 W516 issue expanded to 52 cards to keep up with Ruth’s meteoric rise. That season, he led the American League with 54 home runs in his first full year as an outfielder, revolutionizing the game and establishing himself as the premier power hitter of the era. His 1920 card is the most significant of the entire W516 run and consistently achieves record prices. A PSA 10 sold for $5.2 million in 2016, still the all-time record for a single sports card. Other mint examples have exceeded $3 million as well. This issue also features Hall of Famers like Cobb, Tris Speaker, and Eddie Collins. Top graded versions of their cards can reach $50,000-100,000.
Post-WW1 Stars in 1921 and 1922
The 1921 and 1922 W516 issues each contained 52 cards continuing to highlight the top players after World War 1. The 1921 set is headlined by Ruth with the New York Yankees after his record-breaking trade from Boston, as well as Hall of Famers like Cobb, Speaker, and George Sisler. PSA/BGS 10 examples of Ruth from 1921 have sold for over $1 million. The 1922 issue covers Ruth’s 57 home run season and the debut of several future Hall of Famers like Rogers Hornsby. While not achieving the record prices of the 1920 Ruth, gems of these later issues for star players can still reach $50,000-150,000 based on recent auction results. The scarcity and condition of these early 20th century cards will likely keep values elevated for prestigious high-grade specimens going forward.
Condition is King for W516 Valuation
As with any collectible, the all-important factor in W516 card prices is the grade assigned by leading third-party authentication and grading services like PSA and BGS. Even minor flaws or imperfections can significantly decrease value. For the highest valued stars across the 1919-1922 issues, only PSA/BGS Mint 10 or Gem Mint specimens will command top dollar approaching $1 million or more for the right cards. Graded 9s fall into the $50,000-500,000 range depending on the player, while 8s and below lose substantial value. It’s also important to note that population reports from PSA/BGS show only a tiny fraction of existing W516 cards achieve true gem grades due to the fragile thin paper stock after 100 years. This scarcity maintains strong collector demand.
In Conclusion
The American Caramel W516 baseball cards from 1919-1922 offer a unique window into the early 20th century game and some of its most legendary stars. Headlined by Babe Ruth’s iconic rise, these issues hold a hallowed place in collectibles history. For patient investors and advanced collectors, high-grade specimens authenticated and graded by the leading services present an opportunity for tremendous long-term appreciation based on their rarity, historical significance, and enduring nostalgic appeal to baseball fans worldwide. With condition being paramount, W516 cards in pristine PSA/BGS Mint or Gem condition for the top players will likely continue setting record prices for years to come.
