The 1932 US Caramel baseball cards are one of the rarest and most sought after sets in the history of baseball cards. Produced by the Ott-Litho Company in Baltimore, Maryland and inserted into caramel packs sold mainly in Baltimore and Washington D.C., the 1932 set only featured 67 total players. Due to the limited distribution area and the fact many of the cards were destroyed by the sticky caramel, very few of the original cards have survived to the present day. Only two complete sets are known still intact today.

The Ott-Litho Company was founded in 1890 and primarily produced lithographed labels, wrappers, boxes, and other packaging materials. In the early 1930s, they began inserting small lithographed baseball cards into their caramel packs as a promotional item to help boost sales. The 1932 set featured 67 players, including legends like Babe Ruth, Lou Gehrig, Jimmie Foxx, and Al Simmons on the front. The cards were approximately 2 1/4 inches by 1 3/4 inches in size, printed lithographically, and contained no statistics or personal information on the back. Given the time period, all the players featured were stars of the previous decade of the 1920s.

While the exact print run is unknown, experts believe only a couple hundred sets may have been produced at most. The limited distribution to the Baltimore-Washington, D.C. area meant few people outside that region ever had a chance encounter one. The cards’ small size and flimsy material meant they were prone to damage from the sticky caramel. Most people at the time likely didn’t place value on such a minor promotion insert and the vast majority were destroyed. Surviving high grade copies from the set are exceedingly rare today.

By the late 1930s, the demand for baseball cards had grown into a large nationwide market. Topps Chewing Gum and Goudey Gum Company led the way in modern mass produced baseball card sets inserted into bubblegum. The Ott-Litho 1932 caramel issue would remain relatively obscure for decades. It wasn’t until the 1950s–1960s that serious adult collectors began searching through oldattics, basements and shops trying to piece together early 20th century tobacco, candy, etc. baseball card sets.

Two complete sets of the 1932 Ott-Litho caramels were discovered intact in the 1950s. One set changed hands a few times before landing in the collection of Texas oilman and legendary card collector Ray Nemec in the 1960s. The other set was found sealed in the original manila storage envelope at a Baltimore flea market in the 1970s. From there it entered the collection of Hall of Famer Reggie Jackson. Both sets would go on to set record prices when sold at auction decades later.

In recent decades, the 1932 set has taken on mythical proportions due its extreme rarity and historical significance. In addition to the two complete sets, only about 25-30 loose Near Mint cards are known today according to the latest population report. The set has been the jewel of many great collections and broken several individual price records at auction over the years. A mint Babe Ruth from the set sold for $179,000 in 1996. In recent memory, a Near Mint Lou Gehrig traded hands for over $400,000 in 2016.

Today, a complete 1932 Ott-Litho Caramel baseball card set in top condition would be valued well over $1 million according to industry insiders. Single cards in unsurpassed Mint condition could potentially achieve seven figure valuations as well. While never the most visually impressive set design, its charm lies in the allure of being the earliest known baseball card insert promotion. Scarcity and history have elevated the 1932 issue to the pinnacle of rarity and desirability among collectors today. Nearly 90 years later, these flimsy lithographed cards still fascinate with their profound link to the early 20th century national pastime.