The Walking Dead is a Modern Age series (Image Comics, October 2003). The single most important key is The Walking Dead #1 — first printing — created by Robert Kirkman and Tony Moore: a CGC 9.8 first-print copy reached approximately $32,000 at Heritage Auctions in 2024. The raw eBay median for #1 (€12, 101 listings) is misleading — it is dominated by cheap later printings. Knowing exactly which printing you hold is the essential first step before submitting anything to CGC.
The Walking Dead was created by Robert Kirkman (writer) and Tony Moore (artist) and published by Image Comics starting October 2003. Tony Moore drew issues #1 through #6; Charlie Adlard took over from #7 and remained on the book through the series finale at #193 in 2019. The AMC television adaptation (2010–2022, 11 seasons) turned the property into a global franchise and has consistently supported demand for high-grade key issues.
There is no Golden Age, Silver Age, or Bronze Age Walking Dead. This is a purely Modern Age creation, launched in 2003. Collectors looking for early-era keys from those periods will not find them here. What they will find instead is a series where high-grade scarcity is very real: the newsprint-adjacent paper stock used by Image in the early 2000s ages quickly, and many copies were read before anyone identified them as keys.
Why submit The Walking Dead #1 to CGC?
Issue #1 is the most misidentified comic in the series, thanks to the sheer number of reprints Image Comics has produced since 2003 — fourth printings, Image Firsts editions, anniversary reprints, and more. Our eBay estimator tracks 101 listings for the #1 at a median of €12 (June 2026, range €5–25): that figure largely reflects common reprints that sell for a few euros. A genuine first-print copy in high grade is an entirely different market. A CGC 9.8 reached approximately $32,000 at Heritage Auctions in 2024 (the previous record was $24,200 in March 2022). The CGC census counted 3,724 certified copies as of October 1, 2024 (all printings combined), with just 26 graded CGC 9.9 — one CGC 9.9 sold for $23,459 on eBay in August 2024.
CGC certification provides two critical assurances here: it authenticates the printing and it locks in the conservation grade. Without a slab, a buyer has no certainty about what they are acquiring.
How to identify the Walking Dead #1 first printing
Three checkpoints reliably identify a first print:
| Checkpoint | 1st printing (Oct. 2003) | 2nd printing (Dec. 2003) and later |
|---|---|---|
| Cover notation | No printing designation anywhere on the cover | "Second Printing, December 2003" or similar at the bottom of the cover |
| Logo color | Dark red — often described as "dried blood red" | Near-black (2nd print); nearly invisible (3rd print) |
| Cover price | $2.95 | $2.95 on 2nd and 3rd prints — $3.99 from the 4th printing onward |
| Indicia (inside page) | "First Printing, October 2003" or no printing notation at all | Explicit "Xth Printing" statement |
Within the first printing, there is an extremely rare variant: the "Mature Readers" warning banner printed in black instead of the standard white. This was a press error, estimated to affect a minority of the approximate total first-print run of 7,266 copies. This black-label subset commands a meaningful premium on the market — but identifying it with confidence requires close examination, and CGC certification is the only way to have that determination locked in permanently.
Key issues worth considering for CGC submission
| Issue | Significance | Market data |
|---|---|---|
| TWD #1 (Oct. 2003) | 1st appearance of Rick Grimes — Robert Kirkman & Tony Moore | CGC 9.8: ~$32,000 (Heritage 2024); CGC 9.9: $23,459 (eBay Aug. 2024). Raw eBay all printings: median €12, 101 listings |
| TWD #19 (2005) | 1st appearance of Michonne | Only 3 eBay listings — market too thin to cite a reliable price; web sources indicate ~$250 raw NM |
| TWD #27 (2006) | 1st appearance of The Governor and Woodbury | Only 4 eBay listings — too thin; web sources indicate ~$175 raw NM |
| TWD #100 (Jul. 2012) | 1st appearance of Negan; death of Glenn — broke initial order records (383,612 copies) | Only 5 eBay listings — too thin for a headline price; multiple cover variants complicate comparisons |
| TWD #92 (Dec. 2011) | 1st appearance of Jesus (Paul Monroe) | 1 eBay listing — too thin to cite any price |
eBay data: mycomicscollection.com estimator, June 2026. Reliability threshold: fewer than 15 listings = no headline price cited. Raw NM values for #19 and #27: sellmycomicbooks.com.
Which CGC grade to target for Walking Dead #1?
For modern comics like The Walking Dead, CGC submission makes economic sense from 9.4 upward for an unread, carefully stored copy. Below that, the certification premium shrinks relative to the grading fee. The target grade for maximum value is 9.8: this is where the five-figure sales are documented. The gap between 9.6 and 9.8 is substantial on this title. The 9.9 exists in the census (26 copies), but buyers at that level are a very narrow pool.
For issues #19, #27, #92, and #100, unread copies preserve grade better than anything that has been read even once. The defects CGC most commonly flags on early-2000s Image comics are spine ticks, rusted staples, and tanning — all visible under the right light before submission.
The Walking Dead market: the spin-off effect
The end of the original series at #193 in 2019 did not end the franchise. AMC has continued with Fear the Walking Dead, Dead City, Daryl Dixon, and The Ones Who Live. Each new production announcement tends to revive interest in the comic keys, particularly #1 first print and #100. That is a timing factor worth weighing when deciding to submit to CGC: turnaround times vary, and submitting at the peak of an announcement wave can mean receiving your slab months after the market spike has passed.
Own a copy of The Walking Dead? Get a free valuation with our tool based on real eBay sales to find its low, median, and high value before deciding whether to submit it for grading.