1921-1922 E121 American Caramel Set Overview

Card Specs: 2" x 3.25" | 1921: 80 cards, 1922: 120 cards | Black & White | Classification: Candy/Caramel | Identifier: E121

The 1921-1922 E121 American Caramel set reflects a pivotal time in hobby history, as baseball and card collecting were surging post-WWI. The set is divided into a 1921 “Series of 80” and a 1922 “Series of 120,” and while the combined checklists suggest roughly 200 cards, the true scope is far larger. When considering pose and text variations, there are more than 250 different cards across the two releases. Additionally, numerous brands released regional versions with their own branding on the reverse, making the E121 American Caramel series among the most complex of the prewar era.

E121 American Caramel Ty Cobb, Rogers Hornsby, & Babe Ruth

The player checklist is anchored by an exceptional concentration of Hall of Fame talent, including Ty Cobb, Rogers Hornsby, Tris Speaker, Walter Johnson, and Grover Cleveland Alexander. However, Babe Ruth is the centerpiece, appearing on three principal cards distinguished by nameplate variations reading “George Ruth,” “Babe Ruth,” and the scarcer quoted “Babe” Ruth. Beyond these text differences, Ruth is also represented by multiple photographic treatments including a montage-style Ruth image as well as a whimsical pose showing Ruth holding a bird - an unconventional visual that contrasts sharply with the otherwise straightforward player photography.

1922 E121 Babe Ruth Image Variations (Montage & Holding Bird)

E121 American Caramel Card Design

Each E121 card measures approximately 2 inches by 3¼ inches and is printed on thin, cream-colored stock typical of early caramel cards. The unnumbered fronts feature either full-length or portrait photographs framed by a thin black border, with the player’s name, team, position, and league printed directly within the image area.  The backs identify the cards as part of either the “Set of 80” or “Set of 120” and carry the American Caramel Company imprint from Lancaster and York, Pennsylvania. Additionally, numerous advertising variations were produced for regional partners, replacing the standard caramel text with branded promotions.

Various E121 American Caramel advertising backs

1921-1922 E121 American Caramel Card Distribution

Distribution of E121 cards was national, primarily through American Caramel products and store-based promotions. However, the various advertising-backed versions were issued regionally by local bakeries, candy companies, and retailers. Standard Biscuit, Clark's Bread, and Holsum Bread are some of the most common alternates, while Keating Candy, Leader Theater, and Herpolsheimer's are among the more scarce.

How Much are E121 American Caramel Cards Worth?

Babe Ruth’s 1921 is among the most desirable of all caramel-era cards, with higher-grade specimens frequently exceeding $50,000.  The 1922 versions, including "Montage" and "Holding Bird" examples, typically fall between $10,000-$20,000 at mid-grade. Mid-grade examples of Hall of Famers such as Cobb, Speaker, Johnson, and Hornsby commonly trade in the several thousand dollar range, with stronger prices commanded by scarcer backs or photo variations.  Standard commons with typical wear generally sell in the $40-$100 range.

E121 American Caramel Walter Johnson & Grover Alexander

Recent 1921-1922 E121 American Caramel Auction Sales

1922 E121 American Caramel Babe Ruth PSA 5 - $57,000 - 2025 REA Marketplace

1921 E121 American Caramel Babe Ruth SGC 3 - $43,200 - 2022 Summer Auction

1922 E121 American Caramel Babe Ruth (Montage) SGC 3 - $19,800 - 2025 Summer Auction

1922 E121 American Caramel Ty Cobb PSA 4 - $5,640 - 2025 Summer Auction

TO SEE MORE RECENT E121 AUCTION SALES, SEARCH "E121" IN OUR AUCTION ARCHIVE.

How to Sell 1921 & 1922 E121 American Caramel Cards

The E121 American Caramel set is among the most complex and desirable of the prewar era. We have extensive experience selling single graded cards, near complete sets, and can help with grading and authentication of raw examples. If you'd like to learn more about how our auctions can maximize your cards' value, reach out today to connect with a specialist for a free consultation.