Moon Knight: analysis of the founding issues (Werewolf by Night #32 and the 1980 solo series)

Moon Knight is a Bronze Age creation: he debuted in August 1975 in the pages of Werewolf by Night, a Marvel horror title shepherded by writer Doug Moench. Moench conceived the character as a silver-armed antagonist for the werewolf Jack Russell — a mercenary in a white-and-black costume, Marc Spector, soon revealed as the earthly avatar of Khonshu, the Egyptian moon god. Don Perlin provided the pencils for this first appearance; Al Milgrom inked the pages; Gil Kane and Milgrom signed the cover. There are no Moon Knight keys predating 1975: he is a pure Bronze Age character, with no Silver Age issues to search for.

This guide sticks to the verifiable: records documented by specialist sources (sellmycomicbooks.com, Heritage Auctions, pricecharting.com). One important methodological note: our eBay estimator does not cover the Werewolf by Night, Marvel Spotlight, or Moon Knight series — it returns "invalid parameters" for these titles. Every figure in this guide comes exclusively from documented web sources. Where no public record exists, we stay qualitative.

Moon Knight key issue ranking (real documented data)

All records below come from public sources (sellmycomicbooks.com, Heritage Auctions, pricecharting.com). Our eBay estimator does not cover these series; all figures are sourced from the web.

Sources: sellmycomicbooks.com, Heritage Auctions, pricecharting.com. Our eBay estimator does not cover these series.

Werewolf by Night #32 (1975): the birth of the Lunar Knight

Published in August 1975, Werewolf by Night #32 is one of the most sought-after Bronze Age Marvel keys on the market. Doug Moench (script) and Don Perlin (pencils) introduce Marc Spector as a mercenary hired by the Committee — an organization hunting werewolf Jack Russell. The distinctive cover — midnight blue with Moon Knight's white silhouette — is notoriously difficult to find in high grade: the dark background shows the slightest crease or scuff. The CGC census records approximately 18 to 19 copies at the maximum grade of 9.8, making it one of the rarest Bronze Age keys by high-grade census count.

Documented sales reflect a volatile market following the pandemic peak. According to sellmycomicbooks.com data, a CGC 9.8 reached $42,000 in 2023 and $31,200 in March 2020 (Heritage Auctions); a CGC 9.6 was hammered at $25,200 in 2022. In the mid-grade range, a CGC 9.4 sold for $10,800, a CGC 9.2 for around $8,300, and a CGC 9.0 for around $5,900. The post-2022 correction is real — speculation on 1970s Marvel horror titles retreated — but the key remains firmly valued in high grade.

Marvel Spotlight #28–29 (1976): the first solo story

Marvel Spotlight #28 (June 1976) marks Moon Knight's transition from guest-star to full protagonist. The founding duo Moench and Perlin here develop for the first time the character's alter egos — Marc Spector (the mercenary), Steven Grant (the millionaire), and Jake Lockley (the cab driver) — and introduce Marlene Fontaine and the streetwise informant Crawley, both recurring figures in Moon Knight mythology. Issue #29 (August 1976) serves as the direct sequel. Pricecharting.com data shows a 90-day average of around $1,678 for a CGC 9.8 — a more accessible level compared to Werewolf by Night #32, making it a lower-cost entry point into the character's founding era.

Moon Knight #1 (1980): the first ongoing series

Moon Knight's first solo ongoing series launched in November 1980. Doug Moench continued as writer and was joined by Bill Sienkiewicz on art, whose expressionist style — initially close to Neal Adams, progressively more painterly — defined the character's visual identity for a generation of readers. The series deepens Marc Spector's origin: a mercenary left for dead in the Egyptian desert, resurrected — or perhaps illuminated — by Khonshu, the lunar deity. The psychological dimension (the multiple identities) is established here as the title's defining characteristic.

This first issue is abundant: sellmycomicbooks.com data shows a CGC 9.8 at approximately $925, with significant value compression below the 9.8 grade. It is therefore an affordable key, not to be confused with the scarcity of Werewolf by Night #32. Its value is primarily symbolic and narrative: it is the official starting point of the Moon Knight myth as a standalone character.

Moon Knight in the modern era: Ellis, Lemire, and Disney+

Two modern runs are regularly cited by collectors. The Moon Knight series (2014), in six issues, was written by Warren Ellis with art by Declan Shalvey: each issue is a self-contained story exploring a different facet of the character's psyche, with a cinematic page design immediately noted by critics. The Moon Knight series (2016) by Jeff Lemire and Greg Smallwood deepens the dissociative identity dimension and remains one of the most acclaimed works in the canon. These modern runs are not traditional collectible keys — their CGC 9.8 values remain modest — but they are ideal entry points for readers wanting to discover the character before investing in the Bronze Age keys.

The Disney+ series Moon Knight, which premiered on March 30, 2022, brought the character to a global audience. Oscar Isaac plays Marc Spector and Steven Grant, two of the hero's alter egos; Ethan Hawke portrays the villain Arthur Harrow; Khonshu is voiced by F. Murray Abraham. The finale introduces Jake Lockley as a third personality. The six-episode miniseries earned an 86% score on Rotten Tomatoes. The series announcement had driven a sharp rise in Werewolf by Night #32 values through 2021–2022; the market has since partially corrected.