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Deep dive

The grading economy

Collectors pay to have a sliver of the cards authenticated and scored. That queue is the clearest gauge of the chase, and none of its money reaches TPC.

On this page7 parts
  1. A big share of a small slice
  2. How fast it grew
  3. The scarcity inside the score
  4. Which creatures get graded
  5. Who earns from it
  6. What the queue can and cannot tell us
  7. What it adds up to

To a player, a Pokémon card is worth what it does in a game. To a collector, it is worth what it is: how rare, how old, and above all what condition it is in. Two copies of the same card are not the same to a collector if one has a soft corner or an off-centre picture. Collectors needed someone they trusted to say which was which, and grading companies grew up to do it.

A grader takes a card, checks that it is genuine, scores its condition on a scale that tops out at a perfect ten, and seals it in a clear plastic case with the score printed on a label. From then on the card trades as a graded card, with its score attached. That simple service has become an industry of its own, and over the last few years Pokémon has become its largest customer.

A big share of a small slice

In 2025 the major grading companies handled 26.6m cards of every kind, sports cards included, according to GemRate, a firm that tracks grading labels. 16.1m of them were Pokémon, 60.5% of the total. PSA, the largest grader, says most of its trading-card work is “most of them Pokémon”.

Set that against how many cards TPC prints, though, and the picture inverts. All that grading covers about 0.15–0.18% of a single year’s print, on our estimate. The collector economy that dominates the headlines runs on a sliver of the cards.

Fig. 1

A big share of a small slice

Pokémon’s share of all cards graded, against the share of a year’s print that is graded.

Pokémon is 60% of the cards sent for grading, but that is under 0.2% of a year’s print.A share bar showing Pokémon at 60.5 percent of all cards graded in 2025, and a second bar showing that 16.1 million graded Pokémon cards are only about 0.15 to 0.18 percent of the roughly 10 billion printed in a year. Pokémon is 60% of the cards sent for grading, but that is under 0.2% of a year’s print. Grading in 2025 includes older cards, so the print comparison is rough. Share of all cards sent for grading in 2025 Pokémon 60.5% All other cards Cards graded as a share of the cards printed in a year About 10 billion Pokémon cards printed 16.1 million graded, 0.15–0.18% of the print Source: GemRate grading counts via press; The Pokémon Company print figures.

Pokémon leads the grading industry, yet nearly every Pokémon card printed is opened, played or kept without ever being graded.

Built from and .

How fast it grew

The habit has grown quickly. On PSA’s figures alone, Pokémon grading went from 1.4m cards in 2021 to an estimated 9.5–10.5m in 2025, roughly 6.2–6.8× in four years. Across all graders it at least doubled between 2023 and 2025.

Fig. 2

PSA’s Pokémon grading, 2021 to 2025

PSA only. The 2023 figure is a floor because its sources disagree, and 2025 is an estimate.

  • Pokémon cards graded by PSA
  • 2023: other sources say up to
Tap the chart to read its valuesPSA graded–2023 range–

The growth is real, but bigger multiples quoted elsewhere usually join a PSA-only count for an early year to an all-grader count for a later one.

Built from and .
Show the numbers
YearPokémon cards graded by PSA, m cards2023: other sources say up to, m cardsSource
2021 –
2023
2025 (9.5–10.5)–

Pokémon cards graded by PSA. 2021 is PSA data via Axios. 2023 is a floor (PSA’s recap: more than 4.4m). 2025 is an estimate of 9.5–10.5m: PSA reports more than 11m trading cards, “most” of them Pokémon.

2023: other sources say up to. Three figures disagree for 2023: more than 4.4m (PSA recap), 5.8m (43% of PSA’s 13.5m, our calculation) and 6.4m (Axios chart). None is averaged.

The numbers need care. Some widely quoted growth figures compare a PSA-only count for an early year with an all-grader count for a later one, which overstates the rise. The 2023 figures disagree among themselves, from 4.4m in a PSA recap to 6.4m in a press chart, so the chart treats that year as a floor.

The scarcity inside the score

What collectors pay for is not only the card but the score. A perfect ten is rare. Of 4,993 first-edition Base Set Charizards that PSA has graded, 124 received a ten. That is the kind of scarcity a print run cannot create and a grader can: thousands of copies of one card, and a few dozen at the top grade. In February 2026 one of those tens sold at auction for $954,800.

The most extreme case combines both kinds of scarcity. The Pikachu Illustrator card was never sold in packs: only 39 were given to winners of an illustration contest in 1998. A graded ten sold for $16.49m in February 2026, the record for any Pokémon card.

Modern sets build some scarcity into the pack itself. Secret cards went from a rounding error to a quarter of the cards in new English sets. Cards numbered beyond a set’s printed total, the illustration rares, ultra rares and gold cards collectors chase, make up 31% of the Paldea Evolved card list and 28% of Phantasmal Flames, but only about 2% of the cards people open: about 7 in a booster box. These rates come from collectors’ own opening counts; TPC publishes no odds.

Fig. 3

Secret cards went from a rounding error to a quarter of the cards in new English sets

Share of cards in regular English sets numbered past the printed set total, by era, from Bulbapedia set lists.

Secret cards went from a rounding error to a quarter of the cards in new English sets. Bar chart of the share of cards in regular English Pokémon sets that are secret cards: 1.4 percent for 1999 to 2016, about 10 percent for Sun and Moon and for Sword and Shield, 24 percent for Scarlet and Violet and 29 percent for Mega Evolution. Secret cards went from a rounding error to a quarter of the cards in new English sets. Share of cards in regular English sets that are secret cards, by era. 0% 10% 20% 30% 1.4% 1999–2016 10.1% Sun & Moon 2017–19 9.7% Sword & Shield 2020–23 24.2% Scarlet & Violet 2023–25 29.2% Mega Evolution 2025–26 Secret cards are numbered past the printed set. Source: Bulbapedia set lists, 1999–2026.

Before Sun & Moon secret cards were a handful per set. Since Scarlet & Violet they are about a quarter of the list.

Built from .
Fig. 4

Chase cards fill a big part of the list, a small part of the packs

Cards numbered beyond the printed set total: % of the card list against % of cards opened.

  • Share of the card list
  • Share of cards opened
Tap a row to read its valuesCard list–Opened–
Built from and .
Show the numbers
SetShare of the card list, %Share of cards opened, %Source
Paldea Evolved (2023)
Phantasmal Flames (2025)

Share of the card list. Cards numbered beyond the set’s printed total, as a share of all the cards in the set. A count of different cards, not a pull rate.

Share of cards opened. Expected chase cards per pack divided by the 10 cards in a pack (the energy and code card excluded), from community pull-rate studies whose methods are not stated. TPC publishes no odds.

Which creatures get graded

Grading also shows which creatures collectors care about, and it gives two different answers depending on whether you count cards or prices. By count, on an all-time PSA table compiled by a vendor, Pikachu leads with 2.47m graded cards and Charizard follows with 2.34m. Together they are more than half of the top ten.

Fig. 5

Who gets graded

All-time PSA-graded cards by creature, top ten, vendor estimate.

Tap a row to read its valuesPSA graded–

Pikachu and Charizard dominate the count. Behind them the list is long, with Eevee and its evolutions prominent.

Built from .
Show the numbers
PokémonCards graded by PSA, all time to January 2026, m cardsSource
Pikachu
Charizard
Mew
Mewtwo
Umbreon
Eevee
Blastoise
Venusaur
Zapdos
Gengar

Cards graded by PSA, all time to January 2026. Estimates from a grading-data vendor (PSA populations via PokéWallet/GemRate). Pikachu and Charizard are 56.3% of these ten.

By price, Charizard wins clearly. In the same February 2026 auction, the first-edition Charizard ten sold for 6.9–12.6× the Blastoise and Venusaur from the same set. A first-edition Pikachu from that set, also a ten, fetched a median of $19,700 across two sales that month in PSA’s own record, so Charizard fetched about 48.5× as much, and about forty times in December 2025, when Heritage sold another Charizard ten. Part of that gap is the card rather than the creature: that Pikachu is a common card in the set, while the three starters are shiny holographic ones (see Characters).

Who earns from it

Grading is a fee business, priced per card and by speed. PSA charges $59.99 a card for its standard service, more for faster ones. PSA no longer publishes its accounts, so its Pokémon grading income can only be modelled, at about $167–333m a year. The graded cards then trade on marketplaces. eBay told investors its Pokémon sales “grew in the triple digits year over year” in 2025, and that it was “expecting a deceleration in Pokemon growth” in 2026.

None of this reaches The Pokémon Company. TPC sells the pack at its list price and does not raise it when demand runs hot. The grading fee, the auction premium and the marketplace’s cut all belong to others.

What the queue can and cannot tell us

Because grading is so closely watched, its volume is often read as a gauge of collector demand. It is a useful one, with three limits. It measures the graders’ capacity as much as demand: PSA’s backlog peaked at about 7.5 months of its own output in 2026, so the counts are a floor. It mixes old cards with new, so it cannot say whether current sets are what collectors want. In 2026 grading volumes rose while the prices of that year’s sealed sets fell. And it attracts fakes. PSA’s own fraud report says counterfeit Pokémon submissions rose 125% in 2025.

What it adds up to

Grading is where the collector side of Pokémon becomes an industry: a score that turns one copy of a card into something rarer than its print run, a queue that has grown several times over, and fees, auctions and marketplaces built on top. It runs on a tiny share of the cards, and none of its money reaches TPC. For TPC its value is indirect: it keeps adult collectors engaged with the cards.

The records

27 numbers on this page, in the order they appear: 14 reported and 13 estimates. Open any grade for its source.

NumberWhat it isSourceGrade
26.6mCards graded by major graders in 2025, all categories, GemRate, a vendor2025Cllct (citing GemRate)
16.1mPokémon cards graded in 2025, all graders, GemRate, a vendor2025cllct.com (citing GemRate)
60.5%Pokémon share of all cards graded in 2025, GemRate, a vendor2025cllct.com (citing GemRate)
0.15–0.18%Pokémon cards graded in 2025 as a share of a year’s print, estimate2025 grading vs year to March 2026 print (Apr 2025–Mar 2026)Our calculation
1.4mPSA Pokémon cards graded, 20212021 (PSA data via Axios chart caption)Axios (data: PSA)
9.5–10.5mPSA Pokémon cards graded in 2025, estimate below PSA’s trading-card total2021-2025 vs year to March 2022-year to March 2026 printOur calculation
6.2–6.8×PSA-only Pokémon grading, 2025 over 2021, estimate2021-2025 vs year to March 2022-year to March 2026 printOur calculation
4.4mPSA Pokémon cards graded in 2023, PSA recap to mid-December2023 to 16 December 2023Elite Fourum forum post citing PSA Slabbed end-of-year recap
6.4mPSA Pokémon cards graded in 2023, press chart2023Axios (data: PSA)
4,993First Edition Base Charizard cards graded by PSA2025 – Mar 2026Our calculation
124First Edition Base Charizard cards graded PSA 102025 – Mar 2026Our calculation
$954,800First Edition Base Charizard PSA 10, Goldin, February 2026Goldin auction, Feb 2026 (week of ~16 February 2026)Sports Illustrated Collectibles
39Pikachu Illustrator cards given out in 19981998 illustration contestGuinness World Records
$16.49mPikachu Illustrator PSA 10 auction record, February 202616 February 2026Guinness World Records
31%Chase share of the Paldea Evolved card listEN set, as soldOur calculation
28%Chase share of the Phantasmal Flames card listEN set, as soldOur calculation
2%Chase share of cards opened, Paldea Evolved, community pull-rate studiesEN set, as soldOur calculation
7Chase cards per 36-pack booster box, Paldea EvolvedEN set, as soldOur calculation
2.47mAll-time PSA-graded Pikachu cards, vendor estimateall-time through Jan 2026 (PSA)Our calculation
2.34mAll-time PSA-graded Charizard cards, vendor estimateall-time through Jan 2026 (PSA)Our calculation
6.9–12.6×Charizard PSA 10 over Blastoise and Venusaur in the same auctionGoldin auction, Feb 2026 (Logan Paul Break trio)Our calculation
$19,700Median of two PSA-recorded 1st Ed red-cheeks Pikachu PSA 10 sales, Feb 2026Feb 2026 (Goldin Charizard vs PSA APR Pikachu sales same month)Our calculation
48.5×Charizard PSA 10 over Pikachu PSA 10, matched month, Feb 2026Feb 2026 (Goldin Charizard vs PSA APR Pikachu sales same month)Our calculation
$59.99PSA Standard grading fee per card, September 2026, from its fee noticeservice notice 9 Sep 2026PreGradeCards (vendor blog)
$167–333mPSA’s Pokémon grading fees in 2025, modelyear to June 2016-year to June 2020 (A); 2025 (C)Our calculation
7.5monthsPSA peak backlog in months of output, 20262021-2026Our calculation
125%Counterfeit Pokémon submissions to PSA, 2025, vendor2025Sports Collectors Digest