Lex Luthor Key Issues: All Essential Comics to Collect

Lex Luthor is the greatest antagonist in the DC Comics universe, and one of the most complex characters in the medium. From the mad scientist of the 1940s to the ruthless billionaire of the 1980s to the President of the United States of the 2000s, each reinvention of the character has produced distinct key issues that document his remarkable evolution.

For the collector specializing in DC villains, Lex Luthor offers a rich catalog but often neglected in favor of the heroes. The character's early appearances and defining moments are generally undervalued in relation to their historical significance, presenting an attractive investment opportunity.

Action Comics #23 (April 1940) — First appearance

Action Comics #23 is the founding issue of the Lex Luthor mythology. In this story by Jerry Siegel and Joe Shuster, Luthor appears as a red-haired criminal scientist (he only goes bald accidentally, following an artist's mistake). This is one of the most important Golden Age issues after Action Comics #1 and Superman #1.

Valuation and Census

The CGC Census lists around 60-70 graded examples, making it an extremely rare number. Demand is strong across all grades.

• CGC 8.0— $150,000-250,000 (2-3 copies known)
• CGC 6.0— $80,000-120,000
• CGC 4.0— $40,000-65,000
• CGC 2.0— $20,000-35,000
• CGC 1.0— $12,000-18,000
• CGC 0.5 (incomplete)— $5,000-8,000

Action Comics #23 is considered undervalued compared to the first appearances of Marvel villains (Amazing Spider-Man #14 for Green Goblin, for example). A CGC 4.0 of Action Comics #23 costs less than an ASM #14 at the same grade, despite being 22 years old and having comparable cultural importance.

Adventure Comics #271 (April 1960) — The Origin of Lex Luthor

Adventure Comics #271 is a momentous issue that tells for the first time the origin of Luthor's hatred of Superman. The story reveals that young Lex was a friend of Superboy in Smallville, and that an accident caused by Superman caused Luthor's baldness and destroyed his experiments — leading to an everlasting grudge.

Importance and valuation

• CGC 8.0— $2,000-3,500
• CGC 6.0— $800-1,400
• CGC 4.0— $300-600
• CGC 2.0— $150-250
• Raw VG— $100-180

This number is often forgotten in key issues guides, but it is fundamental to understanding the Superman/Luthor dynamic that has defined 60 years of stories. Its relatively modest price makes it a great buy for collectors of DC lore.

Superman #164 (October 1963) — "The Showdown Between Luthor and Superman!"

Superman #164 introduces the planet Lexor, a world where Lex Luthor is considered a hero and Superman a villain. This concept would continue for two decades and represents one of the most creative additions to the character's mythology.

• CGC 9.0— $500-800
• CGC 7.0— $200-350
• CGC 5.0— $100-180
• CGC 3.0— $50-90
• Raw VG— $30-50

Action Comics #544 (June 1983) — The armored Luthor reboot

Action Comics #544 features the first appearance of Lex Luthor's war armor, which will become an iconic element of the character. Drawn by Curt Swan, this issue marks Luthor's transition from the purple-suited scientist to the armored character that modern adaptations have popularized.

• CGC 9.8— $150-250
• CGC 9.6— $60-100
• Raw NM— $15-25
• Raw VF— $8-12

This number has been steadily increasing since 2020, driven by representations of Luthor in armor in video games (Injustice, Suicide Squad: Kill the Justice League) and animated films.

Man of Steel #4 (November 1986) — The new Lex Luthor

Man of Steel #4 by John Byrne is the issue that transforms Lex Luthor for good. No more mad scientist: Luthor becomes a ruthless billionaire, CEO of LexCorp, the most powerful citizen of Metropolis. This version defined the character for the next 40 years.

• CGC 9.8— $80-150
• CGC 9.6— $40-70
• Raw NM— $8-15
• Raw VF— $4-8

For its importance in redefining one of fiction's greatest villains, Man of Steel #4 is remarkably approachable. This is perhaps the best value for money among the Lex Luthor keys.

Superman: President Lex and Beyond (2000–2005)

Superman #162 (November 2000) — Lex Luthor elected president

The start of the "President Lex" arc which sees Luthor gain access to the White House. A bold concept that influenced popular culture.

• CGC 9.8— $40-80
• Raw NM— $5-12

Lex Luthor: Man of Steel #1-5 (2005) — The definitive miniseries

By Brian Azzarello and Lee Bermejo, this miniseries tells the DC Universe from Luthor's point of view. Considered the best Luthor story ever published, with sublime art by Bermejo.

• #1 CGC 9.8— $30-60
• Complete series #1-5 raw NM— $20-40

Action Comics #890-900 — "The Black Ring" (2010-2011)

Lex Luthor as Action Comics protagonist for an entire year, written by Paul Cornell. #900 is notable for the controversy surrounding Superman's renunciation of American citizenship.

• #890 CGC 9.8— $20-40
• #900 CGC 9.8— $30-50
• Full run #890-900 raw— $25-45

Modern and future keys

Recent numbers to watch

• Action Comics #1049 (2022)— New management Lex Luthor under PKJ — $5-15 CGC 9.8
• Superman #1 (2023, Williamson)— Reintroduction of Luthor as main antagonist — $10-25 CGC 9.8
• Superman: Lost #1 (2023)— Exploring Luthor's Obsession — $5-15 raw

Lex Luthor Specialty Collecting Strategy

Building a Lex Luthor thematic collection is an original and relatively affordable approach that covers the entire history of American comics.

• “Character development” collection— One key issue per decade showing each Luthor transformation (budget: $1,000-5,000 depending on ranks)
• “Best stories” collection— Adventure #271, Man of Steel #4, Lex Luthor: Man of Steel #1-5, Action #890-900 (budget: $200-500)
• Collection "cross-over appearances"— Luthor in Justice League, Injustice Gang, Secret Six (budget: under $100)

The market for DC villains is historically undervalued compared to Marvel villains. Lex Luthor, as DC's oldest and most recognizable villain, could experience a significant revaluation with the next adaptations of the character in James Gunn's DCU.