Walking Dead #1 (Image Comics, October 2003) had 4 official printings between 2003 and 2008. The 1st print (~7,500 copies) is extremely rare and reaches €25,000–35,000 in CGC 9.8. The 2nd print (2003, identical cover in black) runs around €800–1,500 in 9.8. The 3rd print (2005–2006) tops out at €300–500, and the 4th print (2007–2008) stays under €250. Authentication comes down to reading the indicia on page 1 and checking the cover price ($2.95 vs $3.99).
Published in October 2003 by Image Comics, Walking Dead #1 is one of the most sought-after modern comics on the market. Written by Robert Kirkman and drawn by Tony Moore, this issue features the first appearance of Rick Grimes, along with Shane, Lori, and Carl. With an initial print run estimated at roughly 7,500 copies, this 1st print belongs to the select club of genuinely rare modern comics, comparable to issues like TMNT #1 (1984) or Bone #1.
The series' growing success (its move into a multimedia franchise with AMC in 2010, the Telltale video games, the Fear the Walking Dead spin-off, then Dead City and Daryl Dixon) drove the 1st print's value from $50 to more than €30,000 in two decades. The fallout: Image cranked out reprint after reprint between 2003 and 2008, and the confusion on eBay, Vinted, and local classifieds is enormous. This guide teaches you how to tell the 4 Walking Dead #1 printings apart, price them in 2026, and avoid the common traps.
Walking Dead #1: the 2003 context, Image, Kirkman/Moore
In October 2003, Image Comics published the first issue of a black-and-white series titled The Walking Dead. Robert Kirkman, then an up-and-coming writer known for Battle Pope and SuperPatriot, handled the script. Tony Moore, an artist from Kentucky like Kirkman, illustrated the first six issues before handing the pencils over to Charlie Adlard starting with #7. Cliff Rathburn provided the inks and gray tones right from the opening pages.
The initial print run was deliberately modest: Image Comics, at the time, operated on a "creator-owned" model with no massive marketing push. Estimates put the run at around 7,500 copies distributed to American comic shops through Diamond Distribution. By way of comparison, an Amazing Spider-Man from the same period was printed at more than 100,000 copies. That structural rarity is exactly what justifies the stratospheric value of the 1st print today.
The cover of #1 is now iconic: Rick Grimes, sheriff's hat on his head, is shown in close-up, stalked by a horde of zombies in the background. The "WD" logo (actually "Walking Dead" in a bloody gothic typeface) dominates the top of the cover. The format is standard American (6.6 x 10.2 in), saddle-stitched, with 32 black-and-white interior pages and a full-color cover (red, white, black, and shades of gray).
The first printing sold out within weeks. Faced with demand, Image fired up the presses again in November 2003 for a 2nd print, then in 2005–2006 for a 3rd print, and finally in 2007–2008 for a 4th print. With the release of the AMC series in 2010 — a record-breaking cable audience in U.S. history — demand for the 1st print exploded. A Heritage Auctions sale in March 2022 reached $24,200 for a CGC 9.8; in 2024, another copy topped $32,000.
Today, Walking Dead #1 sits in the same investment category as Saga #1 or Invincible #1. To understand how these ultra-low modern print runs shape the market, see our guide on understanding comic print runs and their impact on value.
The 4 printings: a 2003–2008 timeline
Image officially reprinted Walking Dead #1 four times. Below is the precise timeline:
1st print — October 2003
Initial distribution through Diamond. Estimated run: ~7,500 copies. Cover price: $2.95. No "printing" notation on the cover or in the indicia (first interior page). The inside front cover (page 2) carries a standard Image Comics ad from the era. The cover is full-color on glossy stock, the interior black-and-white on light, shiny paper.
2nd print — December 2003
A quick reprint in response to demand. Estimated run: 5,000 to 8,000 copies. Cover price: $2.95. The cover keeps Tony Moore's artwork, but a "Second Printing" notation is added near the Image logo at the bottom of the cover. The red tint of the "Walking Dead" logo is darker than on the 1st print — almost black. The indicia explicitly states "Second Printing, December 2003."
3rd print — 2005–2006
A reprint requested by comic shops after the first trade paperbacks came out. Estimated run: 4,000 to 6,000 copies. Cover price: $2.95 (still). The cover is in black with Moore's artwork desaturated. A "Third Printing" notation is visible at the bottom of the cover. The indicia reads "Third Printing, 2005" or "2006" depending on the copy.
4th print — 2007–2008
A late reprint before the full transition to trade paperback. Estimated run: 3,000 to 5,000 copies. Cover price: $3.99 (an Image price increase). The cover is black with a noticeably different graphic treatment: better contrast, slightly whiter paper. A "Fourth Printing" notation appears at the bottom of the cover. The indicia dates the copy to 2007 or 2008.
Beyond these four printings, there are also specific variants (Wizard World, Comic-Con, 15th anniversary, etc.) that aren't "printings" in the strict sense but rather promotional editions. For the full breakdown of exclusive variants, see our dedicated Walking Dead variants guide. To understand the Image editorial ecosystem, check out our feature on 30 years of Image Comics.
Identifying each printing: indicia, price, paper
Telling the four printings apart rests on three combined elements: the cover notation, the indicia (first interior page), and the cover price. When a seller doesn't provide a photo of the indicia, always assume the copy is a 2nd, 3rd, or 4th print until proven otherwise.
The indicia: the source of truth
The indicia is the legal-notice page located on the first interior page (the inside front cover on Walking Dead #1). It lists the publisher (Image Comics), the address, the publication date and — crucially — the notation "First Printing," "Second Printing," "Third Printing," or "Fourth Printing."
- 1st print: no "printing" notation at all OR "First Printing, October 2003." On the earliest copies distributed, the "First Printing" line may be missing (an editorial oversight corrected on the later printings).
- 2nd print: "Second Printing, December 2003."
- 3rd print: "Third Printing, 2005" or "2006."
- 4th print: "Fourth Printing, 2007" or "2008."
Insist on a sharp photo of this page for any purchase. On eBay, most disputes over Walking Dead #1 start with a seller who never photographed the indicia.
The cover price
The price printed on the cover, in the Image box at the top left or right depending on the printing, is a quick clue:
- $2.95 → 1st, 2nd, or 3rd print (impossible to distinguish without the indicia).
- $3.99 → 4th print (confirmed by the Image price recorded in 2007).
A $3.99 copy is necessarily a 4th print. To tell 1st, 2nd, and 3rd apart from the price alone is impossible: reading the indicia and the cover notation is mandatory.
The paper and printing
Although every printing uses glossy stock for the cover and light, shiny paper inside, there are subtle differences:
- 1st print: cream paper that yellows slightly after 20 years of aging. Matte cover with a faintly grainy finish. The red of the "Walking Dead" logo is a dark red, sometimes described as "dried blood red."
- 2nd print: similar cream paper. "Walking Dead" logo in near-pure black (the red was desaturated). Noticeably glossier cover.
- 3rd print: white to light-cream paper. Predominantly black cover, with the red of the logo all but gone.
- 4th print: more modern white paper. Black cover, higher-contrast printing. The format stays the same, but the "hand" of the paper changes.
For collectors going the CGC route, the label always specifies the printing (for example: "1st Printing" or "2nd Printing"). It's the only 100% reliable method. To understand CGC nomenclature in detail, see our complete CGC grading guide.
2026 values by printing and CGC grade
Below are the price ranges observed across Heritage Auctions, ComicConnect, eBay US, and eBay FR sales between January 2025 and April 2026, by printing and by grade. Euro conversions are calculated at an average rate of $1 = €0.93.
1st print (October 2003)
| CGC Grade | Median price (EUR) | Sales volume, 12 months |
|---|---|---|
| 9.8 (NM/MT) | €25,000 – 35,000 | ~30–40 recorded sales |
| 9.6 (NM+) | €12,000 – 17,000 | Moderate liquidity |
| 9.4 (NM) | €7,500 – 11,000 | Demand exceeds supply |
| 9.2 (NM-) | €5,000 – 7,500 | Good rarity-to-price ratio |
| 9.0 (VF/NM) | €3,800 – 5,200 | Slabbed entry point |
| 8.0 (VF) | €2,800 – 3,800 | Collector compromise |
| Raw (ungraded) | €5,000 – 10,000 | Steep discount while unslabbed |
2nd print (December 2003)
| CGC Grade | Median price (EUR) |
|---|---|
| 9.8 (NM/MT) | €800 – 1,500 |
| 9.6 (NM+) | €500 – 800 |
| 9.4 (NM) | €300 – 500 |
| Raw VF/NM | €180 – 300 |
3rd print (2005–2006)
| CGC Grade | Median price (EUR) |
|---|---|
| 9.8 (NM/MT) | €300 – 500 |
| 9.6 (NM+) | €180 – 280 |
| Raw VF/NM | €80 – 150 |
4th print (2007–2008)
| CGC Grade | Median price (EUR) |
|---|---|
| 9.8 (NM/MT) | €150 – 250 |
| 9.6 (NM+) | €90 – 140 |
| Raw VF/NM | €40 – 80 |
The gap between the 1st print and the 2nd print is enormous: a factor of 25 to 40 depending on the grade. This structural premium reflects the very low initial run and the 1st print's "true first appearance" status. The 2nd print, despite its relative rarity (5,000–8,000 copies), is still treated as a reprint with a modest value. For a broader view of high-potential modern comics, see our 2020–2026 modern comics investment guide.
An important note on the raw 1st print: until it's slabbed by CGC, its value takes a 30 to 60% discount versus a slab of equivalent grade, due to authentication risk (fakes, undisclosed restoration, the buyer misreading the indicia). A "presumed" raw in VF/NM trades between €5,000 and €10,000, whereas a confirmed CGC 9.0 starts at €3,800. The difference reflects the uncertainty.
Reselling traps: mistaking 2nd for 1st, fake covers, restoration
Walking Dead #1 is one of the trickiest comics on the secondary market. Four scams come up regularly on eBay, Vinted, and local classifieds.
Trap #1: deliberately passing off the 2nd as the 1st
Plenty of sellers list a 2nd print with a title like "Walking Dead #1 Image 2003 FIRST EDITION RICK GRIMES." Technically, the 2nd print is also from 2003 and does contain the first appearance of Rick — but it is NOT the 1st print, and the value is 20 to 40 times lower. This confusion can be intentional or simply the result of ignorance.
How to protect yourself: demand a photo of the indicia (page 1) before any purchase. If the seller refuses, walk away. Also ask for a zoomed-in photo of the bottom of the cover, where the "Second Printing" notation appears on the 2nd print.
Trap #2: fake covers and reproductions
Reproductions of the 1st print cover circulate on the Chinese and Korean markets. These "fake covers" sell for a few dollars on Alibaba or AliExpress, then get resold on eBay International as authentic copies. Detection: paper that's too white and too smooth, inking that's too crisp (no halftone dots visible under a loupe), shiny modern staples, a total absence of corner wear.
Always compare the cover on offer against reference CGC scans available on the CGC Comics site or GoCollect. Ink density, paper grain, and the shade of the red are signatures that are hard to reproduce faithfully.
Trap #3: undisclosed color restoration
The red of the "Walking Dead" logo on the 1st print is fragile and oxidizes over time. Some dishonest sellers touch up the faded areas with an airbrush or marker to restore contrast. These undisclosed restorations are detectable:
- Under UV light (blacklight), the added pigments fluoresce differently.
- Under a loupe, you can spot brush marks or a lack of halftone dots in the retouched areas.
- By touch: restored areas are smoother or tackier than the rest of the cover.
CGC detects this restoration and applies a "Restored" Purple Label. The discount is massive: a restored 1st print CGC 9.0 PLOD (Purple Label of Death) trades around €800–1,500, versus €4,000 for a Blue Label.
Trap #4: Frankenbook (mismatched assembly)
Rarer but documented: a copy assembled from the cover of a damaged 1st print and the interior pages of a 2nd or 3rd print. Detection: a tint mismatch between cover and interior, re-stapled spines (extra holes visible along the spine), differences in aging between the components.
For any raw purchase above €2,000, the golden rule is simple: insist on submitting it to CGC grading immediately upon receipt, with a return clause if the grade or label differs from the listing. To understand how eBay sellers and shops handle these cases, see our Image Comics collecting guide.
2026 buying strategy: is the 1st print within reach or not
For a collector in 2026, acquiring a Walking Dead #1 1st print calls for a clear strategy. Three budget profiles emerge.
Unlimited budget: go straight for the CGC 9.8
With a budget of €25,000 to 35,000, buying a CGC 9.8 directly on ComicConnect or Heritage Auctions remains the most rational path. Liquidity is excellent: a 9.8 grade always finds a buyer. The investment is positioned as a "blue chip" of the modern market, comparable to TMNT #1 or Amazing Fantasy #15 in the first-issue category. Heritage runs themed "Modern Age Key Issues" sales four times a year with substantial volume on Walking Dead #1.
Mid-range budget: target the CGC 8.0–9.2
With €3,000 to 7,500, the target becomes a CGC 8.0 to 9.2. The trade-off is solid: the copy is still CGC-authenticated, the grade is respectable for a 2003 comic, and the resale potential is intact. Many collectors take this route to add Walking Dead #1 to their collection without tying up €30,000 in a single piece. On ComicConnect, 9.0–9.2 copies show up at auction regularly. On eBay US, Buy It Now listings of €4,500–6,500 are common.
Tight budget: 2nd print and the complete-run strategy
With less than €2,000, the 1st print becomes out of reach. Three reasonable alternatives:
- 2nd print CGC 9.8: roughly €1,000–1,500. An excellent compromise. It's still from 2003, contains the first appearance of Rick Grimes (same interior content), and the rarity of the 2nd print is real (5,000–8,000 copies).
- 3rd print CGC 9.8: €300–500. For a "completist" collector who wants ALL the printings, it's an affordable piece of history.
- Complete raw run #1–25: with €800–1,500, you can build a run from #1 (raw VG-FN) to #25, which covers the entire Atlanta arc. Strategically more interesting than speculating on a single 1st print in VG.
Where to buy in 2026?
For pieces above €5,000: Heritage Auctions and ComicConnect are the references. Photo transparency, mandatory CGC authentication, and market depth justify the buyer's premium (20–25%). eBay US remains competitive on pieces between €1,000 and €5,000 but demands strict verification. eBay FR and Vinted are best avoided for a 1st print: most "1st print" listings on those platforms are actually misidentified 2nd or 3rd prints.
For brick-and-mortar shops in the U.S. and Europe: specialty stores occasionally take copies on consignment. The shop markup runs 15–25% above the median eBay value, but the ability to physically inspect the comic justifies the premium.
Before any 1st print purchase, run a preliminary estimate of your budget with our free estimation tool and consult our strategic comics investment guide to position Walking Dead #1 within your overall portfolio.
FAQ — Walking Dead #1: 4 printings, differences, and value
How can I be sure I have a 1st print?
Three mandatory, combined checks. First, read the indicia on page 1: a 1st print carries the notation "First Printing, October 2003" or no "printing" notation at all (the very earliest copies distributed may lack it). Second, examine the bottom of the cover: there should be NO "Second Printing," "Third Printing," or "Fourth Printing" notation. Third, check the cover price: $2.95 (a 4th print would be $3.99). When in doubt, only a CGC slab provides 100% reliable authentication. The cautious rule: until a copy is CGC-certified, treat it as a 2nd or 3rd print.
Can the 2nd print gain value?
The 2nd print of Walking Dead #1 saw its value rise from €50 in 2010 to roughly €1,000–1,500 in 9.8 by 2026 — growth of 20 to 30 times over 16 years. This climb reflects its objective rarity (5,000 to 8,000 copies printed, many of which were read and damaged) and the pressure created by the inaccessibility of the 1st print. Many collectors who can't aim for the 1st print fall back on the 2nd print, which keeps demand high. Over a 5–10 year horizon, moderate appreciation of 30 to 60% on the 9.8 grade looks realistic, provided the Walking Dead franchise stays culturally active. The new AMC series Daryl Dixon and Dead City play exactly that supporting role.
Is there a rare negative TPB variant?
Not exactly. Image has published several hardcovers and TPBs of the complete series, including the famous "Walking Dead Compendium" and the signed limited-edition "Walking Dead Omnibus" hardcover. The "negative" some people refer to is actually the 15th Anniversary variant of Walking Dead #1 (2018), where Tony Moore's cover is reproduced in "negative" mode (inverted colors). That copy was printed in roughly 1,500 copies and trades for €80 to €200 raw. It's neither a TPB nor a 1st print, but a distinct collector variant. For the full catalog, see our Walking Dead variants guide.
Does the new spin-off series affect value?
Yes, measurably. Every new AMC production tied to the Walking Dead universe creates temporary upward pressure on the 1st print and, to a lesser extent, on the key issues of the main run. The announcement of Daryl Dixon in 2023 pushed the 1st print's CGC 9.8 from €22,000 to €28,000 in six months. The release of Dead City (season 2 in 2024) sustained the momentum. Conversely, during media lulls (2018–2019, the end of the main AMC series), prices had corrected by 15–20%. This marketing-to-value correlation is a hallmark of "multimedia" modern comics. To track the story arcs and their impact on value, see our Walking Dead key issues guide.
Should you grade a raw 1st print worth €5,000?
Yes, without hesitation. The cost of CGC Standard grading (8–12 weeks) is roughly $50–80 per comic + shipping + insurance, or €150–250 total. For a raw estimated at €5,000, that cost is minimal relative to the gain in liquidity and value. A confirmed CGC 8.0 to 9.0 sells for €2,800 to €5,200, potentially at or above the purchase price. Above all, the slab eliminates 100% of buyer risk at resale (authentication, restoration, certified grade). If the grade comes back 9.2 or higher, the added value more than justifies the move. The flip side: if CGC detects restoration undisclosed by the previous seller, the Purple Label cuts the value — but that's precisely the information you need to avoid getting burned at resale. The rule: any 1st print above €1,500 is worth grading.
Related articles
- Buying Walking Dead on a budget: 2026 strategies
- The history of Walking Dead at Image Comics
- Walking Dead key issues
- Walking Dead variants: special editions and limited runs
- Valuing a Walking Dead collection
- Grading your comics with CGC: the complete guide
- 30 years of Image Comics
- Understanding comic print runs and their impact on value
- Strategic comics investment guide
- Key issue comics: the complete guide
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