Werewolf by Night #32 (1975, First Moon Knight)
Published in August 1975, Werewolf by Night #32 introduced Marc Spector, the mercenary who becomes Moon Knight after being left for dead under a statue of the Egyptian moon god Khonshu. The character debuted as an antagonist for Jack Russell (Werewolf by Night) before becoming one of Marvel's most distinctive and psychologically complex heroes. The first appearance of Moon Knight has become one of the most aggressively appreciated Bronze Age keys, with the Disney+ Moon Knight series in 2022 driving significant collector attention.
The Creation of Moon Knight
Moon Knight was created by writer Doug Moench and artist Don Perlin. The character was originally conceived as a one-off villain for the Werewolf by Night series, a costumed hunter hired to capture Jack Russell. Moench gave the character an origin that would make him interesting beyond that initial appearance: the Egyptian mythology connection, the multiple identities (Marc Spector the mercenary, Steven Grant the millionaire, Jake Lockley the cab driver), and the question of whether Khonshu is truly speaking to him or whether the god is a manifestation of dissociative identity disorder.
The response to the character was strong enough that Moon Knight returned in Marvel Spotlight and eventually got his own solo series starting in 1980. The layered mythology and psychological complexity that Moench built into the character from his first appearance have sustained interest for nearly 50 years.
The Issue Itself
Werewolf by Night #32 is a Bronze Age comic on standard newsprint paper. The cover shows Moon Knight in his white costume confronting the Werewolf, with bold 1970s design and color work typical of the era. The interior story by Moench and Perlin establishes Moon Knight's origin, his equipment (the crescent darts, the moon-shaped weapons), and his confrontational relationship with his employer's goals.
The costume design is immediately distinctive: all white, with the moon crescent on the chest. The visual contrast with the darker horror context of the Werewolf by Night series made Moon Knight stand out from his first panel.
The Disney+ Effect
When Marvel announced the Moon Knight Disney+ series, and again when it premiered in March 2022, collector demand for Werewolf by Night #32 spiked dramatically. The series was well-received, and Oscar Isaac's portrayal emphasized exactly the psychological complexity that makes the character compelling. That media attention brought substantial new buying pressure on a Bronze Age comic that had not been priced as a tier-one key before.
Post-series, prices stabilized at levels significantly above pre-announcement values. The first appearance of Moon Knight now sits clearly in the top tier of Bronze Age Marvel keys.
Condition Grades and Values
| Grade | Description | Value Range |
|---|---|---|
| CGC 9.8 (NM/MT) | Perfect or near-perfect copy | $5,000 - $12,000+ |
| CGC 9.6 (NM+) | Excellent condition | $1,500 - $3,500 |
| CGC 9.4 (NM) | Near Mint | $600 - $1,200 |
| CGC 9.2 (NM-) | Near mint minus | $350 - $700 |
| CGC 9.0 (VF/NM) | Very fine to near mint | $200 - $400 |
| CGC 8.0 (VF) | Very fine | $100 - $200 |
| CGC 7.0 (FN/VF) | Fine to very fine | $60 - $120 |
| Raw VF (8.0) | Very fine, ungraded | $80 - $160 |
| Fine or lower | Circulated condition | $20 - $60 |
Newsstand vs. Direct
Like other Bronze Age comics, Werewolf by Night #32 is primarily newsstand distribution (the direct market did not exist yet in 1975). Some copies distributed regionally show different cover price stamps or distribution marks. These variants are not generally as significant as later newsstand vs. direct distinctions.
Collecting Bronze Age Marvel Keys
Moon Knight's first appearance in Werewolf by Night #32 is now firmly in the company of Giant-Size X-Men #1 (1975, same year), Incredible Hulk #181 (1974, first full Wolverine), and Amazing Spider-Man #129 (1974, first Punisher) as the defining tier of Bronze Age keys. Getting into this tier at accessible prices now requires lower grades, but even mid-grade certified examples have proven their appreciation potential.
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