Lex Luthor First Appearance: Complete Analysis of Action Comics #23

Action Comics #23, dated April 1940, is a fundamental issue in the history of American comics. It introduces the character who will become Superman's greatest enemy and one of the most famous villains in fiction: Lex Luthor. Created by Jerry Siegel and Joe Shuster, Luthor appears in a story called "Europe at War" as an evil scientific genius who manipulates entire nations.

This issue is a rare artifact of the Golden Age, published just two years after the creation of Superman himself. For the specialist collector, it is the DC equivalent of the first appearance of the Joker (Batman #1, 1940) — a villain defining his hero, published the same year. This issue's analysis reveals a fascinating market story and significant investment potential.

Historical context: the birth of the supervillain

In 1940, Superman was only two years old. His opponents were mostly ordinary gangsters and generic scientists. Jerry Siegel understood that a hero of this power required an antagonist to match — not in physical strength, but in intelligence. Thus was born Alexei Luthor (his original full first name).

The original Luthor

The first Luthor is radically different from his modern version. He appears with red hair, wears a military uniform, and operates from a European scientific lair. His plan: provoke a world war to dominate weakened nations. He is a character from the pre-Cold War era, rooted in the geopolitical anxiety of 1940.

The evolution towards baldness

Luthor's iconic baldness comes from a mistake. In 1941, an artist (probably Leo Nowak) drew Luthor bald by mistake, confusing the character with Ultra-Humanite (another Superman villain who was bald). The editors let the error slide, and the baldness became permanent. This detail adds a fascinating historical dimension to Action Comics #23, where we see the "real" first design of Luthor.

CGC Census analysis and scarcity

Action Comics #23 is an exceptionally rare issue. Published in 1940, before the era of systematic preservation of comics, the vast majority of copies were destroyed, recycled during the war, or simply worn out by successive readings by children.

Census data (2024 estimates)

• Total graded copies— 60-70 (all qualifications combined)
• Universal (blue label)— around 40-45 copies
• Restored (purple label)— around 15-20 copies
• Qualified— 3-5 copies

Distribution by grade

• CGC 8.0+— 2-3 copies (exceptional)
• CGC 6.0-7.9— 5-8 copies
• CGC 4.0-5.9— 12-18 copies
• CGC 2.0-3.9— 15-20 copies
• CGC 0.5-1.9— 10-15 copies

With fewer than 70 copies known worldwide, Action Comics #23 is significantly rarer than the first appearances of many higher-rated villains. For comparison, Batman #1 (first appearance of the Joker and Catwoman) has more than 300 copies in the Census.

Auction History

Verified sales (2018-2025)

• CGC 7.5— $204,000 (Heritage Auctions, 2022)
• CGC 6.0— $108,000 (ComicConnect, 2021)
• CGC 5.0— $72,000 (Heritage, 2022)
• CGC 4.0— $48,000 (Heritage, 2023)
• CGC 3.0— $30,000 (eBay, 2023)
• CGC 2.5— $24,000 (ComicConnect, 2022)
• CGC 2.0— $20,000 (Heritage, 2024)
• CGC 1.5— $15,000 (eBay, 2023)
• CGC 1.0— $12,000 (Heritage, 2022)
• CGC 0.5 (Restored)— $5,500 (eBay, 2023)

Valuation trend

Action Comics #23 enjoyed steady appreciation but less spectacular than the first appearances of Marvel villains. A CGC 4.0 was worth about $25,000 in 2018, rising to $48,000 in 2023 — an appreciation of about 90% in five years. The trend is stable and bullish, without the violent speculative peaks observed on Marvel keys.

Comparison with other early appearances of villains

Positioning Action Comics #23 in relation to the first appearances of other major villains helps us understand whether this issue is correctly evaluated or undervalued.

• Batman #1 (Joker, 1940)— CGC 4.0: $150,000-200,000 (3-4x more expensive than AC #23)
• Amazing Spider-Man #14 (Green Goblin, 1964)— CGC 4.0: $3,000-5,000 (much cheaper, but 24 years newer)
• Tales of Suspense #39 (not a villain but Iron Man, 1963)— CGC 4.0: $15,000-25,000
• Action Comics #23 (Lex Luthor, 1940)— CGC 4.0: $40,000-55,000

The gap with Batman #1 is explained by the fact that Batman #1 contains two major first appearances (Joker AND Catwoman) and is the first issue of an iconic title. Nonetheless, the argument can be made that Action Comics #23 is undervalued given the cultural importance of Lex Luthor and the rarity of the issue.

Identification and points of attention

Physical characteristics

• Blanket— Superman in flight on a blue background, carrying a man. No depiction of Luthor on the cover
• Coverage price— 10 cents
• Number of pages— 68 pages (anthology format of the time)
• Content— Several stories including "Europe at War" (the Luthor story)
• Advertisements— Typical of 1940 (food, toys, correspondence courses)

Pitfalls to avoid

• Undeclared catering— Golden Age examples are frequently restored. Always have it checked by CGC or CBCS
• Missing pages— Check that all 68 pages are present, including the Superman story
• Confusion with reprints— Reprints exist in various DC publications from the 70s-80s
• Trimming— Some copies have been trimmed to improve the appearance of the edges

Investment Outlook

Bullish arguments

• Extreme rarity— Fewer than 70 copies known, no significant new offering likely
• DCU Movie— Nicholas Hoult as Lex Luthor in James Gunn's DCU (confirmed 2025)
• Relative undervaluation— Cheaper than Batman #1 despite comparable rarity
• Growing cultural importance— Luthor transcends comics (TV series, films, video games)

Points of vigilance

• Low liquidity— With so few copies, transactions are rare and prices difficult to verify
• High entry ticket— Minimum $12,000 for a copy in CGC 1.0
• No Luthor on the cover— Unlike Batman #1 where the Joker appears, Luthor is not visible on the cover, reducing the visual appeal for some collectors

Action Comics #23 is a conviction investment for collectors who believe in the historical value of the Lex Luthor character. With a major motion picture approaching and a rarity that will only increase, this issue deserves a place in any serious DC collection.