Walking Dead #1 (2003 Image Comics) Value & Price Guide

Robert Kirkman pitched The Walking Dead to Image Comics as a zombie story with a twist: it would never end. The zombies were the setting, not the plot. The real story was about people trying to rebuild something human in a world that had stopped being one. Image said yes. Tony Moore drew it. The first issue shipped in October 2003 with a print run that nobody tracked very carefully because nobody expected much.

Then AMC turned it into the most-watched cable drama in television history. And suddenly that first issue became the most valuable comic book of the Modern Age.

Quick Value Summary

Item: The Walking Dead #1 (First Printing) Year: 2003 Publisher: Image Comics Category: Comic Books

Condition Range:

• Good (2.0-3.0): $100 - $250

• Fine (5.0-6.0): $300 - $600

• Very Fine (7.0-8.0): $700 - $1,200

• Near Mint (9.0-9.4): $1,200 - $2,000

• Near Mint/Mint (9.6): $1,800 - $2,500

• Near Mint/Mint (9.8): $2,500 - $4,000

• Mint (9.9): $10,000 - $15,000

Record Sale: $22,825 (CGC 9.9, eBay, March 2016) Rarity: Uncommon in high grade (exact first print run not confirmed, but relatively limited for a Modern Age book)

The Story

Kirkman was 25 when The Walking Dead launched. He'd had modest success with other Image titles, but nothing that suggested he was about to create a cultural phenomenon. The first issue introduced Rick Grimes, a small-town Kentucky sheriff's deputy who wakes up from a coma to find the world overrun by the undead. It was a direct nod to 28 Days Later and the opening of Day of the Triffids, and Kirkman never pretended otherwise.

Tony Moore's black-and-white art gave the book a raw, indie feel. The cover of issue #1, showing Rick on horseback approaching a desolate Atlanta skyline, became one of the most recognizable images in modern comics. The initial sales were modest. The book didn't crack the top 100 in its first month. It grew slowly through word of mouth.

Everything changed in 2010 when AMC debuted The Walking Dead television series. The show became a ratings monster, regularly pulling 12 to 17 million viewers at its peak. Comic shop owners who'd ordered 20 copies of issue #1 seven years earlier suddenly had customers offering hundreds of dollars for them. By 2014, CGC 9.8 copies were selling for $2,000 to $3,000. The series ran for 193 issues before Kirkman ended it in 2019, deliberately and without warning.

How to Identify It

Key visual markers:

• Black-and-white interior pages

• Cover shows Rick Grimes on horseback approaching a city with abandoned cars in the foreground

• "Image" logo in the upper left corner

• "Robert Kirkman" and "Tony Moore" credited on the cover

• First printing cover price: $2.95

• Barcode in the lower left corner

Printing identification:

• First printing: Cover price $2.95, standard Image barcode. No additional printing markers.

• Second printing and beyond: Later printings have different cover prices or are clearly marked. Some variants exist with different covers.

• Wizard World variant: A separate cover produced for Wizard World conventions. Different cover art, significantly rarer, and valued differently.

Common confusions:

• Several variant covers and later printings exist. Only the original first printing with the standard Rick-on-horseback cover commands top prices.

• The book is occasionally confused with the trade paperback collection (Volume 1: Days Gone Bye), which has minimal collectible value.

Value by Condition

Good to Fine (CGC 2.0-6.0): $100 - $600 Modern Age comics in low grades are unusual since most were stored carefully from day one. A low-grade Walking Dead #1 likely suffered water damage, sun fading, or other environmental issues. Still worth collecting, but significantly below high-grade values.

Very Fine (CGC 7.0-8.0): $700 - $1,200 Minor cover wear, possible spine ticks. The book was read and handled but not abused. These copies represent solid entry points for collectors who want the issue but can't justify 9.8 prices.

Near Mint (CGC 9.0-9.4): $1,200 - $2,000 Clean cover, sharp corners, white pages. Minor binding stress or a tiny color-breaking mark on the spine. These copies were likely bagged and boarded within days of purchase.

Near Mint/Mint (CGC 9.8): $2,500 - $4,000 This is the sweet spot for collectors and investors. CGC 9.8 is the practical ceiling for most copies. Pages are white, cover is glossy, corners are sharp, spine is flat. The CGC census shows a healthy population of 9.8s, which keeps prices from going truly extreme.

Mint (CGC 9.9): $10,000 - $15,000 More than 20 copies have been graded CGC 9.9. A 9.9 sold for $13,000 at ComicConnect. The jump from 9.8 to 9.9 is roughly 3 to 4 times the price, but market experts recommend sticking with 9.8 for better liquidity and value retention.

Price trend: Values have softened from their 2021 peak. The TV series ended, and the franchise is no longer generating the cultural conversation it once did. However, Walking Dead #1 remains firmly established as the top Modern Age key issue. Long-term holders should be comfortable with current prices as a stable floor.

Known Errors and Variations

Wizard World Convention Edition: An alternate cover produced for Wizard World Chicago. Significantly rarer than the standard first printing. Values in CGC 9.8 can exceed $5,000.

Signature Series: Copies signed by Robert Kirkman and/or Tony Moore through CGC's Signature Series program carry a 10-25% premium over unsigned copies of the same grade.

No recognized printing errors affect values.

Authentication & Fakes

Counterfeiting isn't a major issue for Walking Dead #1 due to the relatively recent printing technology, but misrepresented printings are common. Some sellers list second or third printings as "first prints" either through ignorance or intent.

CGC grading is strongly recommended for any copy you plan to sell for more than a few hundred dollars. Grading confirms the printing and protects both buyer and seller. Standard CGC grading fees run $30-$85 for economy and modern tiers.

For copies worth $3,000+, CGC's Express tier ($150) or Priority tier may be worth the faster turnaround.

Where to Sell

Best venues:

• eBay: The most active marketplace for Walking Dead #1 in CGC 9.8. Hundreds of sales per year. Fees run approximately 13%.

• Heritage Auctions: Best for CGC 9.9 copies or signed editions where auction competition drives prices up.

• ComicConnect / ComicLink: Good alternatives for high-end copies.

• MyComicShop.com: Consignment option with lower fees than eBay.

Expected selling costs:

• CGC grading: $30 - $150 depending on turnaround and declared value

• eBay final value fee: ~13% of sale price

• Insured shipping: $15 - $50

• Auction house premiums: 10-20% (varies by house)

Want to know what yours is worth? Upload a photo to Curio Comp for a quick condition estimate.

Related Items