<p>We show the COVID-19 economic stimulus payments, which represented windfall gains for many of the over 160 million recipients who were financially unaffected by the pandemic, generated large increases in spending on baseball cards. The spending increase occurred precisely when economic stimulus payments were received by households, suggesting the payments and not the pandemic itself were responsible. In the 8 weeks following receipt of the CARES Act stimulus payments, spending on professionally graded copies of the 100 baseball cards we track, the most graded cards produced before 2000, increased by $2.14 million. The spending increase was the result of increases in both daily volume and price. Using a back-of-the-envelope calculation, the CARES Act payments generated $50.6 million to $69.1 million in new spending in the overall secondary market for trading cards in the 8 weeks following receipt of the payments.</p>