Tag Archives: Shoeless Joe Jackson

EXPLAIN IT TO ME: BGS 10 Pristine

JordanrookieHow does a piece of cardboard printed less than 30 years ago and for a fraction of a single cent grow in value to $100,000 today? To those familiar with the curious world of high-grade sports collectibles, the answer is simple: BGS 10 Pristine. To those not in the know, however, the answer is a little more complicated. Non-hobbyists (or citizens, as we in the hobby sometimes call them) have a difficult time understanding why such a piece of cardboard is worth anything at all, let alone 100,000 bucks, and even many long-time dealers and collectors can’t adequately explain the strange economics of graded baseball (and other) cards. This article, however, is an attempt to do just that, to explain, to both collectors and non-collectors alike, the freakonomic nature of the high-grade sports card market.

BGS 10 Pristine is the toughest, most elusive, and most coveted professional third-party grade in the card collecting hobby. To be clear, a “grade” is a numerical value that a paid expert assigns to a collectible trading card after he has thoroughly examined it from every angle and determined that it is original and unaltered. Grades range from 1 to 10, with 1 being Poor and 10 being either Gem Mint or Pristine. Once the professional grader has determined a card’s grade, the card is then sealed inside a tamper proof plastic case along with a label (we call it a “flip“) containing the card’s name, number, and year, as well as a unique certification number that allows the newly graded card to enter a database with all other graded cards in order to track how many total examples have been graded and how many examples in each grade have been realized. These databases are called population reports, or “pop reports,” and they form the mathematical basis for the economics of the graded card market.

BGS 10 Pristine is the highest grade awarded by Beckett Grading Services, a division of Beckett Media, the same Dallas-based publishing firm that first began hawking price guides nearly 30 years ago in 1984. On their website, they describe the Pristine 10 grade as follows, “Centering: 50/50 all around on front. 60/40 or better on back. Corners: Perfect to the naked eye and Mint under magnification. Edges: Perfect to the naked eye and virtually free of flaws under magnification. Surface: No print spots. Flawless color, devoid of registration or focus imperfections. Perfect gloss, devoid of scratches and metallic print lines.” The BGS 10 Pristine grade is a full step above the BGS 9.5 Gem Mint grade, which Beckett describes as, “Centering: 50/50 one way, 55/45 the other on front. 60/40 or better on back. Corners: Mint to the naked eye, but slight imperfections allowed under magnification. Edges: Virtually Mint to the naked eye. A speck of wear is allowed under intense scrutiny. Surface: A few extremely minor print spots, detectable only under intense scrutiny. Deep color, devoid of registration or focus imperfections. Perfect gloss, devoid of scratches and metallic print lines.”

The BGS 9.5 Gem Mint grade is generally equivalent to the Gem Mint grades at Beckett’s two primary competitors, PSA and SGC, and what’s important to understand about the Gem Mint grade at any of these companies is that it does not indicate perfection. Take PSA’s standards for its Gem Mint 10 grade: “A PSA Gem Mint 10 card is a virtually [my emphasis] perfect card. Attributes include four perfectly sharp corners, sharp focus and full original gloss. A PSA Gem Mint 10 card must be free of staining of any kind, but an allowance may be made for a slight printing imperfection, if it doesn’t impair the overall appeal of the card. The image must be centered on the card within a tolerance not to exceed approximately 55/45 to 60/40 percent on the front and 75/25 percent on the reverse.” The point is that the standards for Gem Mint at both PSA and BGS allow for slight imperfections. Another important point to understand is that while there are dozens of other grading firms in the market, PSA, SGC, and BGS are the most trusted and most utilized; they are the big three. However, the standards at each firm DO differ, and much to the chagrin of far too many collectors, a card deemed Gem Mint by PSA might not necessarily grade Gem Mint by SGC or BGS, and vice versa. The primary difference between the firms, however, is that PSA’s grading scale tops out at Gem Mint, while the scales at both SGC and BGS top out at Pristine, a full notch above Gem Mint. So, what does that mean?

jordan psa 10Simply put, a BGS 10 Pristine is a perfect card, and it is far scarcer and far more valuable than a Gem Mint card from any grading company. Let’s look at the famous 1986 Fleer Michael Jordan Rookie Card (RC) as an example. A PSA 10 Gem Mint specimen is currently worth about $8,000 to $10,000. According to PSA’s free pop report for the 1986 Fleer Basketball issue, there are currently 155 PSA 10s of this iconic Jordan card in circulation from a sizable sample pool of 13,324 submissions to the Newport Beach-based grading firm, while estimates of the total print run for Fleer’s famous 1986 Basketball set range from 60,00 to 100,000 of each card in the short 132-card set, a small fraction of the print runs for most other products distributed in the 80s. One of our favorite websites, vintagecardprices.com, tracked 25 different sales of these PSA 10 Gem Mint Jordan RCs in 2012, with a high of $11,800 and a low of $7,000 and a mean average around $8,700. That’s a nice price for a so-called “modern card,” which we generally define as anything produced after 1980, but let us not forget that “His Heirness” was also the greatest and most popular player in the history of the hardwood.

The picture is much different at BGS. According to their population report, BGS has graded a total of 6,481 copies of Mike’s iconic Rookie Card and awarded 288 Gem Mint 9.5s, which sold last year for as high as $20,000 and as low as $3,483. Vintagecardprices.com was able to track 88 of these sales in 2012, with a mean average around $4,500. However, and we’re finally getting to the important point here, if you look at the BGS population report, which is also free but requires a log-in, you will notice that they have also graded four examples of the famed Jordan RC in the pinnacle Pristine 10 grade. There are no sales records for three of these fabled four Pristine 10 Jordan RCs, probably because they are locked away in safety deposit boxes somewhere, but the first one ever realized sold on eBay in August 2009 for a whopping $82,000, and that same card later sold in June 2011 for $100,000. Now that’s some serious coin for a card produced not 30 years ago.

Before concluding, let’s turn down the volume on the value dial and explore the impact that the BGS Pristine 10 grade has on cards of lesser significance than the Michael Jordan RC. Most dealers and collectors of this sort of ultra high-grade material would agree that the BGS 10 Pristine grade tends to increase the value of a BGS 9.5 Gem Mint or PSA 10 Gem Mint card by an average multiplier of anywhere from 5 to 10 times, if not significantly higher in certain cases. For many years, the mere sighting of a BGS 10 on eBay or at a card show was a rare phenomenon, but they are more abundant now as a result of increased production standards at contemporary card manufacturers—cards nowadays often emerge from packs in Gem Mint if not Pristine condition—and also the sheer volume of submissions to BGS. Small Traditions is one of the hobby’s leading sellers of BGS 10 Pristines, and there are always dozens available in our popular Monthly Auctions, which always start on the middle Wednesday of every month and end 15 days later on the final Thursday of every month. Click here to be taken directly to a list of BGS 10 Pristines selling in the current month’s auction, and click here if you’d like to register to bid. Here are just a few examples of the premium prices collectors pay for BGS 10 Pristines:

Card PSA 10 Sale Date BGS 10 Sale Date
1982 Fleer #603 Lee Smith RC $62 eBay Dec 27 $600 eBay Feb 11
1983 Fleer #179 Wade Boggs RC $36 eBay Jan 19 $355 STs Nov 2012
1985 Donruss #273 Roger Clemens $69 eBay Jan 10 $293 STs Nov 2012
1987 Donruss #502 David Cone RC $15 eBay Dec 06 $380 eBay Mar 18
1989 Topps #49 Craig Biggio RC $25 eBay Dec 27 $316 STs Oct 2012
1989 Topps #647 Randy Johnson RC $25 eBay Jan 10 $384 STs Oct 2012
1989 Upper Deck #1 Ken Griffey RC $240 eBay Jan 26 $1,249 eBay Oct 29
1990 Leaf #300 Frank Thomas RC $69 eBay Jan 10 $921 eBay Nov 21
1990 Topps #692 Sammy Sosa RC $10 eBay Jan 11 $261 STs Oct 2012
1996 Score #240 Derek Jeter RC $12 eBay Jan 09 $355 STs Nov 2012
1999 TSC Triumvirate Derek Jeter $36 eBay Nov 28 $575 STs Nov 2012
2011 BP #BP1 Bryce Harper RC $270 eBay Jan 19 $1,200 eBay Nov 29

In addition to creating higher prices, the BGS 10 Pristine grade has another impact on the hobby that is important to mention before concluding. As Beckett rolls out its online Set Registry system over the coming months, the BGS 10 Pristine grade will have a significant impact on Set Registry collections. As collectors scramble to assemble the highest-graded Registry of sets like 1952 Topps, 1984 Donruss, or 1986 Fleer Basketball, to name just a few, demand for even common players in the BGS 10 Pristine grade will increase. Moreover, when it comes to Player Set Registries, expect to see increased demand for players’ cards beyond their rookie years. For an informative read on the Set Registry idea, please my first Explain It To Me Post: Pop 1, Pop 2, Pop What? – Understanding The Set Registry Concept.

In answering a few important questions about the economics of the ultra high-grade card market, we’ve opened the door to several more questions, with which I will leave you here but hopefully return to answer in subsequent posts. First, how can the prices for a PSA 10 Jordan RC, or any other card in the same grade for that matter, range by nearly $5,000, and how can the prices for a BGS 9.5 or BGS 10 Jordan RC range by as much as $20,000? Second, who’s to say what’s Mint or Gem Mint or Pristine, especially when the answer can create $100,000 of value? After all, isn’t grading an essentially subjective process? Third, why doesn’t PSA have a Pristine or Perfect grade like other grading companies? And last, are there other cards that will approach six figures because of the Pristine 10 grade, and will there ever be a seven figure Pristine 10? Forget Honus Wagner and “Shoeless Joe” Jackson cards, will there ever be a million dollar modern card? Thanks to the BGS 10 Pristine grade, I’m confident that the answer is yes, but I won’t tell you exactly what that is right now, because I’m still out there looking for it.

Thanks for reading, and happy hunting,

Dave Thorn

EXPLAIN IT TO ME: Pop 1, Pop 2, Pop What? – Understanding The Set Registry Concept

9194a_lgIf you’ve ever searched eBay or our Monthly Auctions at Small Traditions, then you’ve no doubt encountered the term “Pop” in listing after listing of professionally graded sport and non-sport trading cards. The term is is an abbreviation for the word ‘population,’ and it refers to the total number of cards that exist in a particular grade for a particular card from a given grading company. The famous 1993 SP Foil #279 Derek Jeter Rookie Card, for example, is a Pop 10 in the PSA Gem Mint 10 category, meaning that only 10 examples of this card have ever achieved the top grade from PSA out of 10,240 submissions, which helps to explain why the last two public sales of “Captain Clutch’s” most coveted rookie card shattered expectations when they realized $19,999 in 2011 and then $24,450 in 2012. I write this reluctantly because just two years earlier I had sold two of these PSA 10s myself for what I thought were the respectable prices of $5,000 and $6,000. I was a teacher at the time, moonlighting as the head writer at another auction company, and I tell the story now only to illustrate how quickly prices can rise (and fall) in the sometimes cutthroat world of high-grade trading cards. Then again, I had only paid $6,000 for the pair just a few months earlier, so who was I to turn down the equivalent of nearly two months of my teaching salary?

Understanding the idea of a graded card’s population is key to understanding the graded card market and the reason why even common cards often sell for thousands of dollars. To be clear, a “grade” is a numerical value that a paid expert assigns to a collectible trading card after he has thoroughly examined it from every angle and determined that it is original and unaltered. Grades range from 1 to 10, with 1 being Poor and 10 being either Gem Mint or Pristine. Once the professional grader has determined a card’s grade, the card is then sealed inside a tamper proof plastic case along with a label (commonly called a “flip”) containing the card’s name, number, and year, as well as a unique serial number that allows the newly graded card to enter into a database with all other graded cards in order to determine how many total examples of that card (and all cards) have been graded and how many examples in each grade have been realized. These databases are called population reports, or “pop reports,” and they form the mathematical basis for the funky economics of the graded card market.

wagner psa 8So-called “low pop” cards are cards that are mathematically scarce in a given grade. A “Pop 1” is the only example in existence in its grade, a “Pop 2” is one of just two examples in existence in its grade, and so on. The world famous $2.8 million dollar T206 Honus Wagner card, for example, is a Pop 1 in the grade of PSA NM-MT 8, with none grading higher. Of the scant 33 examples of that card ever graded by PSA, it is the single highest graded specimen on record, with the next best copy residing several rungs down the grading ladder in the PSA Excellent 5 category. That copy is also a Pop 1 and is still worth over a million bucks. Heck, even copies in the PSA Good 2 grade are worth about $650,000, and there are ten of those on record, but the T206 Wagner story, which is still (in)famously playing out in headlines to this day, is for another post. An important point to take away from this example, however, is that, unlike the famous T206 Wagner card, once owned by “The Great One,” Wayne Gretzky, a card can be a Pop 1 in any grade other than PSA Gem Mint 10 and NOT be the finest example in existence. Suspicious sellers often proclaim that a card is a low pop card or a Pop 1 or Pop 2 in a certain grade, fully knowing that multiple examples of that card exist in higher grades, so unless that card is a PSA 10, you’ll want to look for the helpful clarification of “none graded higher.”

But let’s forget “The Flying Dutchman” and suspicious sellers for now. Before we can understand why so many common cards often fetch such hefty prices at auction, we must also understand the Set Registry concept, which is the second key to understanding the graded card market. Since graded cards have numerical values, a set of graded cards can be averaged together to determine that particular set’s overall grade point average, or GPA, just like academic grades in high school or college. A Set Registry, then, is a collection of graded cards that a particular collector has assembled and averaged together, either for the simple perfectionist’s pursuit of assembling the highest graded set possible, and/or for comparison against other collectors’ sets of the same cards, for bragging rights. Indeed, PSA’s Set Registry Leader Board and Annual Set Registry Awards and Set Registry Hall of Fame have spawned some famously fierce competitions over the years, and it is this competitive aspect of Set Registry collecting that drives prices through the stratosphere. I mean, why on earth would anyone ever pay $5,300 for a PSA 10 of Johnny Moore from the 1986 Fleer hoops set? And who forks over $1,214 for a common Checklist card from the 1984 Donruss set, or how about almost $13,000 for a PSA 9 copy of Virgil Stallcup from the 1951 Bowman set? Virgil WHO? Exactly. That’s roughly the same cost as a PSA 9 Whitey Ford rookie card or a PSA 7 Mickey Mantle rookie card, both from the same set, and both ranking as two of the most coveted rookie cards in the entire hobby, in any grade.

stallcupHere’s the point. If you take a quick look at the 1951 Bowman Set Registry Leader Board, you will see that of the 71 registered sets, the top two finest sets are separated by a mere three one-hundredths of a grade point. Mathematically, in terms of grade point average, this breaks down to the difference between a PSA 8 and PSA 9 or PSA 10 on just a couple of cards, and so when one of these leading set’s owners is able to either fend off the competition, or gain a little ground on the leader, with the purchase of Virgil Stallcup in PSA 9 condition, he pays big. Understand, however, that these are no ordinary collectors who currently command these award winning 1951 Bowman sets. These are two of the world’s most famous collectors, and they’ve been going head-to-head on the popular ’51 Bowman set for almost a decade. As you could probably guess, they are both well-resourced, and they are both men of exceptional character as well. Despite the price tags of the cards they collect, in dealing with them personally, I can attest that there remains a strong echo of their cherished childhood moments when they finally get what they want, flipping cards with their best friends in the schoolyard, or simply trading for players of their favorite team, and finally acquiring… Virgil Stallcup. 

The Set Registry concept is huge. Collectors can assemble Set Registries of virtually any composition that their curious minds can conceive, and if you think the competition for Set Registry domination over the 1951 Bowman Baseball issue is fierce, then just imagine the competition for the world’s finest Player Set Registries of legends like Babe Ruth, Shoeless Joe Jackson, Mickey Mantle, Michael Jordan, Walter Payton, Derek Jeter. Indeed, there are thousands upon thousands of different Set Registry possibilities: Team Sets from just one year, Team Sets from championship years, Master Team Sets from ALL years, Player Sets, Manufacturer Sets, Rookie Card Sets, Rookie Card Sets by decade, Hall of Fame Rookie Card Sets. The Bowman Baseball Master Set Registry of all Bowman Baseball Cards produced from 1948 to 1955. The 1952 Topps Master Set Registry, inclusive of all variations, Red Backs and Black Backs, as well as all error cards. Or maybe just the 1952 Topps Basic Set Registry. The All-Time Topps All Star Master Set Registry of every Topps All Star card ever produced. The Topps Tiffany Master Set Registry of all Topps Tiffany Baseball Cards produced between 1984 and 1991. You name it. As you can see, the possibilities are truly vast, and PSA also provides Set Registry tracking for graded event tickets, graded wax packs, and autographs, among other collectibles, as well as for graded coins under their PCGS brand (actually, PSA and PCGS are both brands of their parent company, Collectors Universe, which is a public company traded on the Nasdaq under the symbol CLCT).

Hopefully, this entry has helped to increase your understanding of the graded card market, but before I close, I want to clearly state my reason for explaining this information so carefully. I’ve been in the card business for a long time, as both a collector and a dealer, as a wax-pack cracking 8 year-old kid in the back of my Mom’s station wagon and as a professional writer, and now as the owner of Small Traditions. Like most people in the hobby, I’ve had some amazing experiences. I’ve handled Babe Ruth jerseys, I’ve made new discoveries, I’ve shared drinks with Joe Montana and Rickey Henderson, who spilled my martini on me. However, like most people in the hobby, I’ve also had my share of letdowns. I’ve purchased counterfeits and altered cards from crooks, I’ve been cheated and robbed, and Rickey Henderson never bought me a new martini. As a former educator, the thing I value most in the hobby is access to free and accurate information, and one of the things that bothers me most is when non-hobbyists seek out the advice of us experts, only to be swindled. I’ve seen it happen a thousand times. A recently retired 65 year-old gentleman walks into a card show with one of his life’s most cherished treasures, a shoe box full of 1951 Bowman baseball cards. He knows they are worth tens if not hundreds of thousands of dollars. There are multiple Mickey Mantle and Willie Mays rookie cards. There’s Whitey Ford. There’s “Teddy Ballgame” and Yogi Berra. He thinks he knows what he’s doing when he sells the box for $75,000 on the spot, cash, only, he never asks, and no one ever tells him about, you guessed it, Virgil Stallcup.

Thanks for reading. As PSA’s President, Joe Orlando, always says, don’t ever get cheated! Keep reading at blog.smalltraditions.com, and I promise, you never will get cheated, at least not for quality information.

Happy collecting,

Dave Thorn