1922 E120 American Caramel Set Overview

Card Specs: 2" x 3.25" | 240 cards | Color Tints | Classification: Candy/Caramel | E120

Emerging just after World War I, the E120 series is one of the defining caramel issues of the prewar era. The set was part of the American Caramel company's continued push to merge candy sales with baseball’s growing popularity, helping bridge the hobby’s shift from tobacco to confectionery products and promotions.

The 1922 E120 release was the American Caramel Company's most ambitious to date, totaling 240 cards - fifteen from each of the sixteen Major League clubs.

E120 Walter Johnson, Tris Speaker, & Rogers Hornsby

The roster sounds like a Hall of Fame roll call: Babe Ruth (#71), Ty Cobb (#48), Tris Speaker (#42), Walter Johnson (#110), Grover Alexander (#152), Rogers Hornsby (#232), and Pie Traynor (#225). Other standouts include Eddie Collins, George Sisler, Frankie Frisch, Waite Hoyt, and Gabby Hartnett. Although the set didn’t include any major rookie debuts, the E120s serve as era-defining portraits for many of baseball’s greatest names.

1922 E120 American Caramel Card Specs and Design

Each card measures roughly 2" x 3¼", larger than earlier candy issues and printed on particularly thin stock, making well-preserved examples particularly scarce and valuable in today's market. In fact, there are no examples of any player's E120 card exceeding a grade of 8 in the PSA Population Report.

Fronts feature tinted photographic portraits framed in ornate ovals with the player’s name, position, and team at the bottom border. Card backs display a full checklist for the player’s respective team, helping collectors to complete each roster. The league-specific color tints - tan for the AL and light green for the NL - remain a hallmark of the design.

1922 E120 American Caramel Ty Cobb front & back

The set’s most famous variation is a printing error on Ty Cobb’s card, which misspells his last name as “Cob.” While not particularly scarce, it’s one of the most well-known typos in prewar card history.

1922 E120 American Caramel Card Distribution

E120s were inserted with American Caramel candy products and could also be obtained via promotional mail-ins or in-store exchanges. Collectors could store them in specially made company albums, sold inexpensively at the time. Those albums directly contributed to condition issues. Collectors often glued their cards on pages, and when removed decades later, the process caused widespread paper loss and damage. Clean-backed examples carry a premium, as most surviving cards show evidence of album removal.

How Much are E120 Baseball Cards Worth?

The 1922 E120 American Caramel Babe Ruth routinely commands five-figure prices in strong condition, with elite examples reaching significantly higher at auction. Secondary stars and key Hall of Famers like Cobb and Johnson typically trade in the low four figures when well-preserved. Commons are much more affordable, with raw and low-grade examples accessible for under $50.

1922 E120 Eddie Collings, George Sisler, & Pie Traynor

Recent 1922 E120 American Caramel Auction Sales

1922 E120 American Caramel Babe Ruth PSA 4 - $29,250 - REA Marketplace (2025)

1922 E120 American Caramel Ty Cobb SGC 3 - $2,520 - 2024 Summer Auction

1922 E120 American Caramel Near Complete Set - $13,200 - 2022 Fall Auction

To view more recent E120 card sales, visit the REA auction archive and search "E120".

How to Sell 1922 E120 American Caramel Cards

With legends like Babe Ruth and Ty Cobb, it's no surprise that the E120 American Caramel set is highly desired among our bidding audience. 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.