Actually I just read about the Valida backed cards. It turns out that there were one of these cards in every pack of four cards (so 25% originally) but the Valida backed cards could be sent in for prizes. Many of the prizes cost 100+ points (100+ Valida cards). As an example a leather football cost 300 points (300 Valida cards). So my guess is that Valida cards are actually a lot rarer than we think, especially in the less famous, or less liked boxers. This explains why there are 6 Valida backed Cassius Clay cards graded by PSA, while there are currently zero Sonny Liston Valida backed cards graded by PSA. People kept their Cassius Clay Valida cards while they sent in their Sonny Listons. There may be some Valida backed cards in PSA holders with out the Valida on the label but I would have to think that before they were ever sold that they would be re-slabbed. I can't imagine that there are that many graded Valida cards in regular slabs, mainly because graded cards are mostly owned by collectors that would know the difference in value.
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