Pokémon Cards: Nostalgia or Investment?

1. From School Backpacks to Wall Street

In 1999, elementary school classrooms were buzzing. During every recess, kids pulled out small cards to trade. On those cards were little monsters, and the most popular of them all was Charizard. Kids used to joke, “One Charizard is worth ten Pikachu.”

Charizard character artwork — Charizard character image

Fast forward 20 years, and that joke became reality. A Charizard 1st Edition PSA 10 sold at a Goldin auction in the U.S. for an astounding $399,750 (source: PSA Auction Prices Realized, Goldin auction record, 2021-03-07). What was once just a piece of cardboard to some had turned into the value of a house for others.

2. The Pandemic Bubble and What Came After

COVID-19 didn’t just change daily life. People, stuck at home, turned to nostalgia spending, and Pokémon card prices exploded.

Charizard PSA 10: skyrocketed in 2020–2021 → $399,750 (Goldin, 2021-03-07, PSA APR).
Pikachu Illustrator (1998 promo, PSA 7): sold for $900,000 in 2022 (source: UPI, Guinness).
Trophy Kangaskhan (1998 Family Event promo, PSA 10): sold for $150,000 on eBay in 2020 (source: PSA CardFacts APR).

Pikachu character artwork — Pikachu character image

But every bubble bursts. By 2022–2023, Charizard PSA 10 had fallen to $162,000 (source: Heritage Auctions press release, 2022). By summer 2025, it recovered somewhat, with an eBay sale at $270,100 (source: PSA APR, 2025-08-04). Like fire, it flared brightly, went out, and now some embers are glowing again.

3. How Big Is the Market?

You might ask, “Is this really such a big market?” The answer is yes.

In 2021 alone, more than 9 billion Pokémon cards were printed worldwide.
Major auction houses in the U.S. and Japan (Heritage, Goldin, PWCC) handle hundreds of millions of dollars in card sales each year.
Add in online marketplaces like eBay, and you’re looking at a multi-billion-dollar global market.

4. How Are Cards Bought and Sold?

Retail packs: sold in convenience stores or supermarkets; kids open them for fun.
Secondary markets: peer-to-peer sales on sites like eBay, TCGplayer, or Cardmarket.
Auctions: rare or pristine cards appear at professional houses, like fine art.
Grading: companies such as PSA, BGS, or CGC rate condition on a 1–10 scale. A PSA 10 (“GEM MT”) can multiply value many times over.

5. What Determines Rarity?

1st Edition: like a first-edition book—much rarer.
Print runs: 1990s cards were printed in smaller numbers.
Promo cards: given only at tournaments or special events.
Condition: fragile cardboard; PSA 10s are extremely rare.
Story: Trophy Kangaskhan, for example, was awarded only if a parent and child entered a tournament together—its backstory makes it special.

Kangaskhan character artwork — Kangaskhan character image

6. Winners and Losers – Cards That Rose and Cards That Fell

📈 Cards That Kept Rising

Skyridge Crystal Charizard PSA 10: $27,960 (PSA APR, 2021-03-28) → $48,600 (PSA APR, 2025-08-16).
Aquapolis Crystal Lugia PSA 9: $3,100 (PSA APR, 2024-12-03) → $7,800 (PSA APR, 2025-08-20).
Umbreon Gold Star PSA 9 (EX Unseen Forces, 2005): $1,225 (PSA APR, 2024-11-25) → $2,375 (PSA APR, 2025-08-25).

Lugia character artwork — Lugia character image

Umbreon character artwork — Umbreon character image

📉 Cards That Dropped

Charizard PSA 10 (Base Set 1st Ed): $399,750 (PSA APR, 2021) → $270,100 (PSA APR, 2025-08-04).
Blastoise PSA 10 (Base Set 1st Ed): $40,250 (PSA APR, 2025-05-25) → $17,604.69 (PSA APR, 2025-07-25).

Blastoise character artwork — Blastoise character image

7. The Base Trio – Charizard, Blastoise, Venusaur

The first trio of starters from the Pokémon anime also stand side by side in the card market.

Charizard PSA 9: still an icon, though trades are fewer.
Blastoise PSA 9: $5,655 (PSA APR, 2025-03-30) → $6,500 (PSA APR, 2025-08-26).
Venusaur PSA 9: $3,284 (PSA APR, 2025-03-17) → $4,550 (PSA APR, 2025-08-17).

Venusaur character artwork — Venusaur character image

8. Lessons From the Market

Not all cards are the same: Charizard was a bubble icon, while Crystal, Gold Star, and Trophy cards rose.
More collectible than investable: fandom and scarcity drive prices more than fundamentals.
Statistics matter: individual sales are volatile, but with 100+ data points, trends emerge.
Cultural asset: like art, whiskey, or luxury watches, Pokémon cards have become an alternative investment class.

9. Conclusion – Nostalgia Has Value

Fire (🔥 Charizard): the brightest flame, but the one that burned out the most.
Water (💧 Blastoise): quiet, steady upward flow.
Vines (🌱 Venusaur): the surprising underdog that yielded steady returns.

“Nostalgia has value. But how far that value rises depends on the card.”