Near-complete set of E103 Williams Caramel is composed of twenty-five of the thirty cards in the set, including eight Hall of Famers, highlighted by Nap Lajoie. This set is almost never seen in complete or near-complete set form. Nineteen cards are graded and encapsulated by SGC (17), PSA (1), or BVG (1). This collection of twenty-five cards is missing only the following five cards for completion: Chase, Cobb, Devlin, Mathewson, and Wagner (Cobb and Wagner are offered as separate lots in this auction). E103 Williams Caramel is one of the most highly regarded and scarcest caramel-card sets of the era. SGC Grading Composite: One GOOD 30: Crawford (HOF). Five FAIR 1.5: Dooin, Doyle, Gibson, Rucker, and Thomas. Ten POOR 10: Bender (HOF), Bresnahan (HOF), Chance (HOF), Collins (HOF), Jennings (HOF), Jones, Jordan, Lord, McQuillan (PSA PR-FR 1 [MK]), and Wood. Three Authentic: Brown (HOF), Davis (BVG), and Donovan. Six Ungraded: Ewing (Gd), Lajoie (HOF, Pr), Leach (Pr), McLean (Pr), Pastorious (Pr-Fr), and Tenny (Pr). The E103 Williams Caramel set is easily distinguished from other caramel sets of the era by the bright red background highlighting each player's portrait. As noted on each card along the lower margin, The Williams Candy Company was located in Oxford, Pa., and this candy was very likely issued on a somewhat regional basis. This fact almost certainly accounts for their great rarity. When they are found, they usually have serious condition problems, which is not surprising considering that these cards were issued to children one card per package of candy. Despite the condition flaws, this is still a very pleasing near-complete set of this scarce early caramel issue. Total: 25 cards. Reserve $500. Estimate $1,000+.