The Punisher's definitive key issue is Amazing Spider-Man #129 (February 1974), his first appearance by Gerry Conway and Ross Andru: an eBay median of €1,368.48 (82 active listings, June 2026), with raw copies starting at a few euros and graded copies topping €3,900. Frank Castle debuted in 1974: squarely in the Bronze Age: so there is no "Silver Age" Punisher key. Here are the genuine keys of 1974-1985, backed by real data.
The Silver Age ended around 1970; the Punisher arrived four years later. Any list of "Silver Age Punisher keys" would be fiction: the real grails cluster on a handful of Bronze Age issues, nearly all guest appearances in Spider-Man, Captain America and Daredevil titles.
This guide sticks to the verifiable: live eBay medians (via our estimator) and documented facts. When a precise figure isn't reliable (too few listings) or unavailable, we describe it qualitatively rather than inventing it.
The Punisher's real Bronze Age keys (live data, June 2026)
Values = median of active eBay listings, all editions and grades combined (our estimator, eBay.fr + eBay.com). Medians are dragged down by raw copies and lots; high-grade CGC copies trade well above.
| Issue | Significance | eBay median |
|---|---|---|
| Amazing Spider-Man #129 (Feb. 1974) | 1st appearance of the Punisher (Conway & Andru) | €1,368.48 · 82 listings |
| Marvel Preview #2 (1975) | 1st Punisher origin (32-page story) | not indexed: see below |
| Amazing Spider-Man #135 (Aug. 1974) | 2nd appearance | €156.10 · 100 listings |
| Captain America #241 (1979) | Early appearance outside Spider-Man | thin data: see below |
| Daredevil #182-184 (1982) | 1st Daredevil/Punisher meeting (Frank Miller) | €16 to €33 · 29-45 listings |
Why #129 crushes everything else
Amazing Spider-Man #129 is the character's undisputed grail, and by far the most liquid issue on this list. Three concrete reasons:
- The founding event. It's Frank Castle's first appearance, written by Gerry Conway and drawn by Ross Andru, in February 1974. No other Punisher issue carries that status.
- The grade gap. The "all grades" median (€1,368.48) hides an enormous spread: listings range from under €6 (lots, very low grade) to over €3,900 for high-grade copies. On this issue, grade is everything.
- Liquidity. 82 active listings at any time for a 1974 comic: a rare volume that signals deep demand, refreshed by every screen adaptation (from Dolph Lundgren in 1989 to Jon Bernthal in Daredevil: Born Again in 2025).
Marvel Preview #2: the origin, off the estimator
Marvel Preview #2 (1975) contains the first telling of the Punisher's origin: a 32-page story by Gerry Conway and Tony DeZuniga, under a painted cover by Gray Morrow. It's also the first appearance of Dominic Fortune.
This magazine isn't indexed by our estimator (limited to standard comic-format series), so we won't quote a precise figure. Worth knowing for collectors: as a large-format Curtis magazine, it survived better than average and remains relatively accessible in high grade per Heritage and GoCollect indexes. It's the logical companion to #129: first appearance on one side, first origin on the other.
The secondary Bronze keys: #135, Captain America #241, Daredevil #182-184
- Amazing Spider-Man #135 (Aug. 1974): the Punisher's 2nd appearance, again by Conway/Andru. eBay median of €156.10 (100 listings, June 2026): a tenth of #129, but a genuine Bronze key in its own right.
- Captain America #241 (1979): one of the Punisher's earliest appearances outside Spider-Man, two years before Daredevil. Our estimator returns only a handful of listings (too thin to be reliable), so we cite it qualitatively. It's a sought-after but accessible issue.
- Daredevil #182-184 (1982): Frank Miller and Roger McKenzie's "Child's Play" arc. Daredevil #183 is the 1st meeting between Daredevil and the Punisher; it carries the highest median of the trio at around €33 (29 listings), versus €16 for #182 (45 listings) and €19 for #184 (35 listings). Affordable, heavily collected Miller keys.
Collector strategy (grounded in real data)
- #129 = the centerpiece. If budget allows, this is THE issue to secure: best liquidity, first-appearance status, demand independent of the film calendar.
- #135 and Daredevil #183 = the entry points. At €156 and ~€33 median, these are the most reasonable ways into a genuine Bronze key for the character.
- Grade is everything. On #129 especially, the gap between a raw copy and a high-grade CGC runs into the thousands. Always check condition and the live value before buying: the medians above date to June 2026 and prices move.
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Frequently asked questions
Amazing Spider-Man #129 (February 1974), scripted by Gerry Conway and drawn by Ross Andru. It is the character's undisputed grail and by far the most liquid on the list, with demand sustained by every screen adaptation.
The first telling of the Punisher's origin, a 32-page story by Gerry Conway and Tony DeZuniga under a painted cover by Gray Morrow. It is also the first appearance of Dominic Fortune.
Amazing Spider-Man #135 (August 1974), the second appearance by Conway and Andru, and Daredevil #183, which offer a genuine Bronze Age key at a far gentler price than #129.
The "Child's Play" arc (1982) by Frank Miller and Roger McKenzie. #183 is the first meeting between Daredevil and the Punisher, and these Miller keys remain affordable.
Listings range from low-grade lots to high-grade slabs at wildly different amounts: the gap between a raw copy and a slab runs into the thousands. Always check condition and the live market before buying.