No, CGC 9 Base Set cards are no longer significantly undervalued compared to their 2021 pricing. The value gap between CGC and PSA graded cards has narrowed considerably over the past two years, reducing the discount that once made CGC 9s attractive bargains. In 2024, the PSA premium over CGC shifted from 20-25% down to just 5-10%, meaning collectors are now paying closer to PSA prices for CGC slabs.
This compression reflects real market movement: CGC Pokémon card values have been climbing steadily through 2024-2025, with resale prices rising and the historical bargain pricing disappearing. The shift stems partly from CGC’s own grade scale change, where the company moved to labeling perfect cards as “10” instead of “9.5,” which improved market perception and stabilized valuations. A First-Edition Shadowless Blastoise graded PSA 9, for example, recently sold for $1,205—a price point that illustrates how seriously collectors still value high-grade Base Set cards, regardless of grading company. CGC 9s are no longer the deep-discount alternative they once were, though they can still represent reasonable value in specific situations.
Table of Contents
- How Has the PSA-CGC Value Gap Narrowed Since 2021?
- Understanding CGC’s Grade Scale Shift and Market Impact
- Real-World Pricing Examples: CGC 9 vs PSA 9 Performance
- When CGC 9 Cards Still Offer Value: The Practical Reality
- Market Risks and Grading Cost Considerations
- The Broader Context: Grading Multiplier Effects on Base Set Cards
- Future Outlook: Will CGC 9s Remain Competitive?
- Conclusion
How Has the PSA-CGC Value Gap Narrowed Since 2021?
The most significant change in the market since 2021 has been the compression of the premium that PSA slabs once commanded. Two years ago, collectors expected to pay substantially more for PSA 10s compared to cgc 10s, with premiums in the 20-25% range. Today, that gap has tightened to 5-10%, a shift that reflects both the market’s growing acceptance of CGC grading and the consistency of CGC’s recent quality standards. This narrowing is not a temporary fluctuation—it reflects structural changes in how collectors value different slabs.
The reason for this convergence relates to collector perception and market confidence. When CGC first entered the Pokémon market in 2020-2021, many collectors viewed the company as an untested newcomer compared to PSA’s decades of grading history. Over the past few years, CGC has proven reliable on Pokémon cards, and the secondary market has adjusted accordingly. Sellers asking for 25% premiums on PSA grades find fewer buyers willing to pay, while CGC slabs hold their own in both auction results and private sales. The days of routinely scoring CGC 9s at steep discounts are largely behind us.
Understanding CGC’s Grade Scale Shift and Market Impact
In a move that surprised some collectors, CGC abandoned its “9.5” grade designation—which had been used sparingly for nearly-perfect cards—and shifted to calling those cards “10.” This may seem like a cosmetic change, but it had real implications for market perception and pricing. The 9.5 grade always felt awkward to buyers; calling a card a “10” is psychologically cleaner and easier to market, even if the underlying quality is identical. This reframing improved CGC’s competitiveness and boosted valuations across its portfolio.
However, this change creates a caveat worth noting: CGC slabs from before the grade scale shift may not benefit equally from today’s higher market values. Older CGC 9.5s are increasingly perceived as quaint or outdated compared to the newer “10” designation, and they don’t carry the same psychological appeal. If you own or are considering buying an older CGC slab, be aware that market perception has shifted away from those grades. The improvement in CGC valuations mostly applies to cards graded under the current system, not necessarily to cards from the first few years of CGC’s Pokémon grading.
Real-World Pricing Examples: CGC 9 vs PSA 9 Performance
Looking at specific Base Set cards reveals how competitive CGC 9s have become. For a Mewtwo Base Set card, psa 9 slabs average around $190, with top-tier PSA 10 “Gem Mint” examples climbing toward $260-$375 and higher. A CGC 9 Mewtwo would have sold for significantly less than $190 in 2021-2022, but today it commands $170-$185, narrowing the discount from roughly 20% to around 5%. That’s still slightly cheaper, but not dramatically so.
The First-Edition Shadowless Blastoise example is even more telling. When a PSA 9 example recently sold for $1,205, it underscored how much collectors still value high-grade Base Set icons, irrespective of grading company. A CGC 9 Blastoise at the same condition would have sold for roughly $1,100-$1,150 in the current market—again, a small discount rather than the 20-25% gap that existed a few years ago. These real-world sales demonstrate that the window for snagging “undervalued” CGC 9s has largely closed.
When CGC 9 Cards Still Offer Value: The Practical Reality
CGC 9s are not useless investments, but their appeal has shifted. They still make sense for collectors who prioritize liquidity and lower purchase price over the prestige of owning a PSA slab. If you’re building a collection and want to own a beautiful, graded Base Set card without paying a premium for the PSA name, a CGC 9 remains a reasonable choice.
The tradeoff is that resale may take longer, and you’ll likely recoup 2-5% less than you would with a PSA equivalent, depending on the specific card and market conditions. The grading multiplier effect also matters here: graded Pokémon cards typically sell for 2-10x their raw (ungraded) value, with higher grades (9-10) at the upper end of that range. This means even a CGC 9 carries significant premium over an ungraded Base Set card, making it an attractive entry point for collectors who want quality slabs without the highest asking prices. The practical question is not whether CGC 9s are undervalued overall, but whether the specific card you’re considering represents good value relative to alternatives.
Market Risks and Grading Cost Considerations
One risk on the horizon is CGC’s planned price increase for grading services in early 2026. When submission costs rise, the effective valuation floor for cards changes. Higher grading fees mean sellers must charge more to maintain profit margins, which can dampen demand for newly graded cards and potentially compress the grading multiplier effect.
If a CGC 9 costs $50 more to grade than it did in 2025, future sellers will need to account for that increased cost, potentially shifting economics toward undergraded or raw cards in some market segments. This is a critical warning for buyers considering CGC 9s as investments. The narrowing PSA-CGC gap was partly driven by CGC’s competitive pricing and growth ambitions; if CGC raises prices significantly, that competitive advantage diminishes. Collectors banking on further appreciation of CGC holdings should monitor these pricing changes closely and factor them into purchase decisions now.
The Broader Context: Grading Multiplier Effects on Base Set Cards
Regardless of whether cards are graded by CGC or PSA, the grading multiplier effect—the fact that slabbed cards sell for 2-10x ungraded values—remains powerful for Base Set cards. A raw Blastoise Base Set card might sell for $200-$300, depending on condition, while a PSA or CGC 9 can fetch $1,000 or more. This multiplier is the real value proposition in grading, not the specific company.
For CGC 9s, the multiplier still applies, but it’s now more in line with PSA’s multiplier rather than offering a bonus on top. In 2021, you could potentially buy a CGC 9 and flip it more easily than raw cards, capturing some of the grading premium while paying less for the slab. Today, that arbitrage opportunity has largely evaporated, and both CGC 9s and PSA 9s are priced to reflect the same fundamental grading multiplier.
Future Outlook: Will CGC 9s Remain Competitive?
The trajectory suggests CGC will continue to grow its market share in Pokémon grading, likely narrowing the PSA-CGC gap further over the next 2-3 years. If that happens, CGC 9s could potentially reach price parity with PSA 9s for certain cards, eliminating the discount entirely. However, this would only happen if CGC maintains consistent grading standards and collector confidence continues to build.
Any major grading accuracy concerns or market disruptions could easily reverse this trend. Looking forward, the most likely scenario is that CGC 9s remain slightly cheaper than PSA 9s—perhaps 3-5% below parity—as long as PSA retains its historical brand advantage. The window for calling them “undervalued” has closed, but they’re not overpriced either. They’re increasingly normalized as a mainstream option in the high-grade Pokémon card market.
Conclusion
CGC 9 Base Set cards have transitioned from undervalued bargains in 2021 to fairly-priced alternatives in 2025. The narrowing gap between CGC and PSA premiums, combined with rising CGC valuations over the past 18 months, has closed much of the discount that once made these slabs attractive.
If you’re considering a CGC 9, the decision should be based on the specific card, your collection goals, and your preference for liquidity versus the prestige of PSA ownership—not on the assumption that you’re getting a steal. Collectors should watch CGC’s 2026 price increases and remain aware that older CGC slabs (especially those graded under the 9.5 system) may not benefit equally from current market strength. The practical reality is that CGC 9 cards remain solid, graded options for Base Set collections, but the undervaluation thesis that held true in 2021 no longer applies.
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