To really understand this card, you first need to read about the 1948 Bowman set here. It’s necessary to understand the whole story behind the card.
The Card: What an important card! The first basketball card within the first major set of basketball cards! A great piece of history 
essential for any collection. (How cool would it be if someone saved the ten wrappers, sent the $2 in and still had the valve-inflated basketball being offered on the back of the card)! And a great glimpse into history… The card mentions that Calverley’s collegiate team, the Rhode Island Rams, “introduced 100-point games as a steady diet.” Or the fact that he was “regarded as the best one-handed shot in the association.” I think these glimpses into the past are great. Can you imagine hearing “best one-handed shot” in today’s game? A real lesson in the development of shooting technique… Like another important basketball card “first,” Nat Holman in the 1933 Goudey Sport Kings set, he was considered the premiere playmaker in his league, the BAA. He led in assists his first season and assists per game in his first two seasons. He retired before he would’ve played in the NBA the next season.
As with most sets, the first card (like this Ernie Calverley) and the last card are tough to find in better conditions. PSA also states that centering is an issue for this particular card.
In Short: A glimpse into history with the first card in the first basketball set ever! A must have!
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