Call of Legends is profoundly underrated in the Pokemon TCG landscape, despite harboring some of the most valuable cards ever printed. The set’s shiny cards—particularly Rayquaza, Ho-Oh, and Suicune—command astronomical prices when graded, with Rayquaza Shiny reaching €7,000+ for PSA 10 copies, yet the set itself remains overlooked by many collectors who fixate on newer releases. Released on February 9, 2011, as the final set in the HeartGold & SoulSilver series, Call of Legends contains just 106 total cards (95 base cards plus 11 shiny variants) and was produced in significantly lower quantities than contemporary sets, a scarcity that directly fuels its value today.
This article explores why Call of Legends deserves serious attention, which cards offer genuine investment potential, and where you might find surprising value beyond the chase cards everyone already knows about. The disconnect between Call of Legends’ actual value and its reputation stems from collector psychology: the set came out over a decade ago, predating the modern TCG boom, and exists in the shadow of both the wildly popular Base Set and the flashier modern sets. Yet the numbers tell a different story. For serious collectors and investors, understanding this set could mean the difference between paying retail for overpriced cards elsewhere or finding undervalued gems that have quietly appreciated.
Table of Contents
- What Makes Call of Legends So Underrated in the Pokemon TCG?
- The Shiny Card Chase: Where Real Value Lies
- Beyond the Big Names: Overlooked Cards Worth Hunting
- Grading and Condition: The Price Multiplier Effect
- Supply Scarcity: Why Call of Legends Cards Command Premium Prices
- Building a Call of Legends Collection: Realistic Expectations
- The Long-Term Investment Case for Call of Legends Cards
- Conclusion
What Makes Call of Legends So Underrated in the Pokemon TCG?
Call of Legends was released at an awkward moment in TCG history. By 2011, the original Pokemon craze had cooled considerably, and the set received neither the nostalgia bump that Base Set and Shadowless cards enjoy nor the hype surrounding modern era releases. As the final set of the heartgold & SoulSilver block, it was overshadowed by the upcoming Black & White era, meaning production quantities were likely conservative even by 2011 standards. Fifteen years of natural wear, loss, and disposal have eroded the population of mint or near-mint copies, making what survives significantly scarcer than raw population numbers suggest.
The set’s composition compounds this undervaluation. While it introduced shiny variants as a mechanic (11 shiny cards out of 106 total), collectors at the time didn’t yet appreciate that these would become highly sought chase cards. Modern buyers hunting shinies focus on recent sets with flashy artwork and popular Pokemon, often unaware that Call of Legends shinies are proportionally rarer and more expensive than their newer counterparts. A collector buying a shiny Pokemon card today might spend €5 on a modern shiny without realizing that Call of Legends Suicune, with far fewer copies in circulation, historically commands significantly higher market value.
The Shiny Card Chase: Where Real Value Lies
The five most valuable cards in Call of legends are all shiny variants, and the price gaps are stunning. Rayquaza Shiny commands the set’s peak value: €494 for raw cards, but this figure becomes almost meaningless when graded copies enter the equation—PSA 10 graded examples sell for €7,000 and beyond, representing a 14x multiplier. Ho-Oh Shiny sits at €319 raw with €1,850 for PSA 10 graded copies, while Suicune Shiny reaches €209 raw but escalates to €3,410 for PSA 10, with near-mint raw copies documented selling between $150-$200 depending on market conditions. These aren’t theoretical prices; they’re transaction-backed market values tracked across multiple platforms.
However, acquiring these cards comes with a crucial caveat: the jump from near-mint raw to PSA 10 graded represents an enormous price premium. A PSA 10 Rayquaza Shiny might sell for €7,000, but a PSA 9 from the same era might fetch €2,000-€3,000. This means that unless you’re buying graded copies or possess exceptional raw examples, the “€7,000 card” exists primarily in the world of premium-condition copies owned by museums and serious collectors. If you’re hunting raw copies to submit for grading, realistic entry points are much lower, though a consistent upside remains as supply continues tightening.
Beyond the Big Names: Overlooked Cards Worth Hunting
While Rayquaza, Ho-Oh, and Suicune attract attention, Call of Legends contains several underrated cards that offer value without the €7,000 price tags. Palkia represents perhaps the most compelling example: it’s described as “much more difficult to find” than other non-shiny rares in the set, with far fewer sales recorded across pricing platforms, yet near-mint copies peak around $135—a fraction of shiny prices but meaningful appreciation for a card many collectors haven’t prioritized. Similarly, the Espeon reverse holo rare has established pricing at £28.73 in near-mint to mint condition, modest in absolute terms but often overlooked by buyers focusing exclusively on shiny variants.
The lesson here is that scarcity and value don’t always correlate with fame. A card that appears in fewer PSA Population Reports and generates fewer sales might actually offer better collector value than a famous card where thousands of copies exist. When hunting Call of Legends, look beyond the obvious chase cards and examine population data on The Pokemon Company’s official databases and TCGPlayer. Cards with 5-10 graded copies in any condition often represent better long-term appreciation potential than cards with 500+ graded copies, regardless of their nominal price.
Grading and Condition: The Price Multiplier Effect
Call of Legends pricing is heavily stratified by grading. Raw cards in near-mint condition occupy a different market tier than PSA 10 copies, which occupy yet another tier above that. For Suicune Shiny, the progression illustrates this clearly: a raw near-mint copy commands $150-$200, a PSA 9 might fetch $800-$1,200, and PSA 10 reaches €3,410 (approximately $3,700 USD). This tiering creates both opportunity and risk. If you believe you’ve found a near-mint Call of Legends shiny, submitting it for grading could triple its value—or it could grade PSA 8 and result in a net loss after grading fees.
The practical implication: Call of Legends is a set where condition matters enormously. A lightly played copy might sell for half the near-mint price. A moderately played copy could be 70% cheaper. If you’re buying raw cards, invest time in condition assessment or buy from sellers with established return policies. Conversely, if you’re submitting cards for grading, be realistic about condition before paying $20-$50 per card in grading fees. Many collectors have submitted cards expecting PSA 9 only to receive PSA 7, turning a profitable decision into a costly one.
Supply Scarcity: Why Call of Legends Cards Command Premium Prices
The production quantities of Call of Legends were modest by modern standards and remain modest today. As the final set of a cooling block in 2011, manufacturers produced fewer booster boxes than they would for flagship sets. Fifteen years of attrition—cards lost to wear, water damage, disposal, and the simple passage of time—has winnowed the surviving population further. Compare this to base sets, which have supply replenished by grading companies discovering unopened boxes in attics, or modern sets with active circulation. Call of Legends has no such safety valve.
This scarcity manifests in pricing in ways that catch new collectors off guard. A moderately desirable card like Palkia should theoretically sell for $5-$10 based on its Pokemon appeal alone, yet it commands $135 in near-mint because the entire available supply is tiny. If 5,000 copies of a card exist worldwide and 100 are currently for sale, prices remain artificially high. Call of Legends sits at the intersection of low original production and severe supply depletion, making it an inadvertently collected set where even non-chase cards carry surprising premiums. This also means that finding Call of Legends cards at reasonable prices requires patience and persistence; bulk lot purchases and estate sales remain your best sources for deals.
Building a Call of Legends Collection: Realistic Expectations
Collecting Call of Legends as a set is financially demanding. The chase shiny cards alone represent substantial investment, and filling a complete collection of all 106 cards would require either deep pockets or years of patient hunting. Most collectors pursuing Call of Legends focus on specific Pokemon nostalgia (catching all Legendaries, for instance) or investment-grade cards (shiners in PSA 8 or higher). Building a complete non-shiny base set is more achievable and might cost $500-$1,500 depending on condition and market timing, while adding even a few shiny cards quickly escalates the total investment.
A more practical approach involves treating Call of Legends as a hunting ground for specific cards rather than a complete-set chase. If you’re nostalgic for Ho-Oh, find a raw near-mint Ho-Oh Shiny for $50-$100 (or a PSA 8 for $1,000-$2,000 if you’re building investment-grade). If you want the full experience of the set’s rarest cards, focus on non-shiny rares in good condition, which are genuinely scarce but achievable. Track prices on the price guide, TCGPlayer, PokéWizard, and Pikawiz, which all provide hourly-updated market data—these platforms will tell you instantly whether you’re overpaying or spotting genuine deals.
The Long-Term Investment Case for Call of Legends Cards
Call of Legends occupies a unique position in the investment landscape. Unlike modern sets with massive production runs, Call of Legends has supply that’s only decreasing—new copies aren’t being printed, graded copies are being locked away by collectors and museums, and raw copies are slowly lost to time. Demand is likely to grow as more players discover the set’s value and as collectors accumulate wealth sufficient to pursue higher-end cards. The shiny cards will likely appreciate further, particularly in graded copies; a PSA 10 Rayquaza that sold for €7,000 five years ago might command €10,000-€15,000 in another five years simply from population scarcity and grading inflation.
However, investment value isn’t guaranteed. Pokemon TCG markets are subject to hype cycles, and external factors—regulatory changes, market downturns, shifts in collector interest—could depress prices. The safest long-term play is to buy cards you genuinely want for personal enjoyment that also happen to have value, rather than purchasing purely speculatively. If you love Ho-Oh and can afford the €1,850 for a PSA 10, the appreciation bonus is secondary to the personal satisfaction. If you’re purely chasing returns, Call of Legends is compelling but not without risk.
Conclusion
Call of Legends deserves its growing reputation as an underrated set with surprising value. The shiny cards command genuine prices—Rayquaza Shiny at €7,000 for PSA 10 copies is not a niche anomaly but a market reality—while overlooked non-shiny rares like Palkia and Espeon offer achievable appreciation potential for collectors without six-figure budgets.
The set’s modest production quantities and years of natural attrition have created genuine scarcity, distinguishing Call of Legends from sets with copious modern supply or regular reprints. If you’re considering Call of Legends, start by establishing your goals: are you collecting nostalgia cards, building investment-grade copies, or hunting undervalued discoveries? Use the hourly-updated pricing data on platforms like the price guide and TCGPlayer to track fair market value, understand that condition premium is extreme (PSA 10 multipliers of 10-14x are common), and avoid overpaying based on nominal prices alone. The real opportunity in Call of Legends isn’t the famous cards everyone knows about—it’s finding the overlooked gems that supply scarcity has quietly made valuable.
