The Punisher grail, Amazing Spider-Man #129 (Feb. 1974, Frank Castle's first appearance), shows a €1,368.48 eBay median (82 listings, June 2026) and a documented CGC 9.8 record of $57,000 in 2022. But around that peak, several key issues stay genuinely undervalued: Amazing Spider-Man #135 (2nd appearance) at a €160.67 median, #161 and #162 under €45, and the often-overlooked 1986-1988 solo debuts. Here's the analysis, grounded in real values.
The Punisher is a Copper Age character, not a Silver Age one: he debuts in 1974, after the Silver Age ended (around 1970). So there is no true "Silver Age" grail of the character: all the value concentrates on a handful of Spider-Man first appearances and the 1980s solo debuts.
This guide sticks to the verifiable: real-time eBay medians (via our estimator, limited to Amazing Spider-Man) and documented sale records. When a precise figure can't be verified, we state it qualitatively rather than inventing it.
Affordable vs essential: the value hierarchy (June 2026)
Values = median of active eBay listings, all grades combined (our estimator, eBay.fr + eBay.com). The record sale is the best documented public transaction, generally in high-grade CGC.
| Issue | Significance | eBay median | Documented record |
|---|---|---|---|
| Amazing Spider-Man #129 (Feb. 1974) | First Punisher appearance | €1,368.48 · 82 listings | $57,000 (CGC 9.8, 2022) |
| Amazing Spider-Man #135 (1974) | Second Punisher appearance | €160.67 · 100 listings | |
| Amazing Spider-Man #162 (1976) | Punisher appearance + first Jigsaw | €44.16 · 101 listings | |
| Amazing Spider-Man #161 (1976) | Punisher appearance (vs Nightcrawler) | €30.17 · 100 listings |
Record sources: GoCollect, Heritage Auctions, QualityComix.
Why #135 is the real undervalued issue
The gap between #129 and #135 is telling. The first appearance trades around a €1,368 median; the second, just six issues later, drops to €160.67: about one eighth of the price. Yet #135 is still an early Bronze Age appearance of a character who became central at Marvel.
- The price-to-significance ratio. For a Bronze Age second appearance of a character adapted to film and TV, a €160 median stays moderate compared to the second appearances of other grails from the era.
- Liquidity. 100 active listings at any time: you can always find a copy to fit your budget, from low-grade raw to high-grade CGC.
- The anchoring effect. As long as #129 stays out of reach for most collectors, #135 captures the "I want a Bronze Age Punisher appearance" demand at a far gentler entry price.
#161 and #162: the forgotten appearances under €45
Amazing Spider-Man #161 (€30.17 median) and #162 (€44.16 median) are 1976 Bronze Age Punisher appearances. #162 carries the added appeal of introducing Jigsaw, his recurring nemesis. Under €45, these are the most accessible doorways into a genuine Copper-era appearance of the character: a rarity-to-price ratio that's hard to beat.
Mind the grade: these "all grades combined" medians blend raw copies and slabbed examples. A high-grade CGC sells well above the listed median; conversely, a readable low-grade copy can often be found below the median price.
The early solo series: undervalued by nature
The Punisher's solo debuts aren't indexed by our estimator (limited to Amazing Spider-Man). Here are the documented facts, with no invented figures:
- Marvel Preview #2 (1975): the first telling of Frank Castle's origin (Curtis magazine, by Gerry Conway and Tony DeZuniga, also introducing Dominic Fortune). Surprisingly common in high grade since magazines survive better. Documented record sale around $1,730 (source: SellMyComicBooks) ; a CGC 8.5 copy sold for $101.20 in November 2025 (source: eBay / Heritage).
- The Punisher: Limited Series #1 (1986): first solo mini-series (Steven Grant and Mike Zeck). Documented record around $950 in high grade (source: SellMyComicBooks); the standard edition stays very accessible.
- The Punisher vol. 2 #1 (1987): first ongoing series (Mike Baron and Klaus Janson), 104 issues through 1995. A CGC 9.8 typically trades at $80-120 , with a record of $1,800 in CGC 9.9 (source: SellMyComicBooks).
- The Punisher War Journal #1 (1988): second ongoing solo title. CGC 9.8 typically $80-120 , documented record $500 in CGC 9.9 (source: SellMyComicBooks).
Collector strategy (grounded in real data)
- #135 = the best compromise. A genuine Bronze Age appearance, strong liquidity, a €160 median: it's the issue to target if #129 stays out of budget.
- #161 / #162 = the entry points. Under €45, you enter the Punisher collection with real appearances; #162 adds the first mention of Jigsaw.
- Grade is everything. On #129 and the 1986-1988 solos alike, the gap between a raw copy and a high-grade CGC slab runs into thousands. Always check condition and live value before buying: the medians above are from June 2026 and prices move.
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Frequently asked questions
No. The Punisher is a Copper Age character: he debuts in 1974, after the end of the Silver Age. All the value is concentrated in a few first appearances in Spider-Man and in the solo beginnings of the 1980s.
Amazing Spider-Man #135 (1974), his second appearance. The gap with the first appearance, Amazing Spider-Man #129 (February 1974), is very marked, even though it is an early Bronze Age appearance of a character who became central at Marvel.
Amazing Spider-Man #161 (the Punisher facing Nightcrawler) and #162 (1976), which also introduces Jigsaw, his recurring enemy. They are the most affordable Bronze Age appearances of the character.
It is the first telling of Frank Castle's origin, in a Curtis magazine, by Gerry Conway and Tony DeZuniga. The issue also introduces Dominic Fortune and, because magazines survive better, it remains surprisingly common in high grade.
They are undervalued by nature and often forgotten. The Punisher: Limited Series #1 (1986) is the character's first miniseries, and the series from 1986 to 1988 are a buying ground worth exploring.