Whiz Comics #2 (1940, First Captain Marvel/Shazam)

Before there was a Marvel Comics, there was Captain Marvel, and he was the biggest superhero in the world. Whiz Comics #2, cover-dated February 1940, introduced Billy Batson and his alter ego Captain Marvel to American audiences, launching a character who would outsell Superman during the 1940s, spawn an entire Marvel Family of related characters, and eventually become the center of one of the most significant lawsuits in comic book history. Today, he is known as Shazam (due to trademark complications), but the character's cultural impact is undeniable, and this issue remains one of the most important and valuable Golden Age comics.

The numbering starts at #2 because Fawcett Publications used #1 as an ashcan edition (a small, limited print used to secure trademark rights). The first commercially available issue was #2, making it the true first appearance for collectors.

The Origin

The story, written by Bill Parker with art by C.C. Beck, introduces young Billy Batson, an orphaned newsboy who is led by a mysterious stranger to the underground lair of the ancient wizard Shazam. The wizard grants Billy the power to transform into the adult superhero Captain Marvel by speaking the magic word "SHAZAM!"

The word is an acronym for six legendary figures whose attributes Captain Marvel embodies:

• Solomon (wisdom)

• Hercules (strength)

• Atlas (stamina)

• Zeus (power)

• Achilles (courage)

• Mercury (speed)

This origin story is elegant in its simplicity and powerful in its appeal. Every child reading the comic could imagine being Billy Batson, speaking a single word, and becoming the World's Mightiest Mortal.

Publication Details

• Title: Whiz Comics #2 (#1)

• Publisher: Fawcett Publications

• Cover Date: February 1940

• Cover Price: $0.10

• Writer: Bill Parker

• Artist: C.C. Beck

• Pages: 64

• First Appearances: Captain Marvel (Billy Batson), Shazam (the wizard), Sivana

Cultural Impact

Captain Marvel's success in the 1940s is difficult to overstate:

• Sales: Captain Marvel Adventures regularly outsold Superman during the mid-1940s, with print runs exceeding 1 million copies per issue

• Media: Adventures of Captain Marvel (1941) was one of the earliest superhero film serials

• Merchandise: Captain Marvel merchandise rivaled Superman and Mickey Mouse in popularity

• The Marvel Family: The success spawned Captain Marvel Jr., Mary Marvel, and numerous related characters

The Lawsuit

DC Comics (then National Comics) sued Fawcett Publications in 1941, claiming Captain Marvel was an unauthorized copy of Superman. The lawsuit dragged on for over a decade. In 1953, Fawcett settled, agreeing to stop publishing Captain Marvel comics and paying DC $400,000.

Ironically, DC later licensed and then purchased the Captain Marvel character outright in 1972. They have published the character ever since, eventually renaming him "Shazam" after Marvel Comics secured the "Captain Marvel" trademark in the 1960s.

Current Market Values (2024-2026)

Grade	Estimated Value
CGC 9.0+	$500,000 - $1,000,000+
CGC 8.0 (Very Fine)	$200,000 - $350,000
CGC 7.0 (Fine/Very Fine)	$100,000 - $200,000
CGC 6.0 (Fine)	$60,000 - $100,000
CGC 5.0 (VG/Fine)	$40,000 - $65,000
CGC 4.0 (Very Good)	$25,000 - $40,000
CGC 3.0 (Good/VG)	$15,000 - $25,000
CGC 2.0 (Good)	$10,000 - $18,000
CGC 1.0 (Fair)	$5,000 - $10,000
CGC 0.5 (Poor)	$3,000 - $6,000

Whiz Comics #2 consistently ranks among the top 20 most valuable American comic books, alongside Action Comics #1, Detective Comics #27, and other foundational Golden Age issues.

Condition Grading

Golden Age comics present unique grading challenges:

• Paper Quality: 1940s newsprint is acidic and degrades over time. Brown, brittle pages are common on lower-grade copies.

• Cover Attachment: The cover may be loose or detached. Cover detachment significantly reduces grade.

• Spine Condition: 64-page Golden Age books develop spine wear readily. Spine splits are common.

• Restoration: Many Golden Age keys have been restored (cleaned, pressed, pieces added, color touched up). Restored copies trade at significant discounts to unrestored examples. CGC designates restored books with purple labels.

• Brittleness: Extremely low-grade copies may have pages that crack or flake when handled.

Rarity

Whiz Comics #2 had a substantial print run for 1940 (estimated at 200,000-400,000 copies), but survival rates for Golden Age comics are extremely low. Most copies were read, traded, donated to paper drives during World War II, or simply thrown away. The CGC census shows approximately 200-300 graded copies across all grades, suggesting a total surviving population of perhaps 500-1,000 copies in any condition.

The Shazam/Captain Marvel Legacy

The character's journey from 1940 to the present includes:

• 1940s Golden Age: Peak popularity, outselling Superman

• 1953-1972: Out of print following the DC lawsuit

• 1972-present: Published by DC Comics under various titles

• 2019: Shazam! feature film with Zachary Levi, grossing $366 million worldwide

• 2023: Shazam! Fury of the Gods sequel

• Ongoing: The character remains a significant part of the DC Universe

Investment Analysis

Strengths:

• Top-tier Golden Age first appearance

• Character has major media presence (films, TV, comics)

• Extremely limited supply of high-grade copies

• Historical significance as the character who once outsold Superman

Weaknesses:

• Very expensive even in low grades

• Golden Age paper condition makes preservation challenging

• The Shazam name/brand is less immediately recognizable than Superman or Batman to casual audiences

Why Whiz Comics #2 Matters

This issue introduced a character who proved that the superhero concept could extend beyond Superman and Batman, who outsold every other comic character during the medium's peak popularity in the 1940s, and whose legacy has endured through lawsuits, publishing gaps, and name changes. Captain Marvel/Shazam represents the pure wish fulfillment at the heart of the superhero genre: say the magic word, and become extraordinary. Whiz Comics #2 is where that magic began.

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