It’s hard to say if Jerry Siegel’s or Joe Shuster’s parents thought their sons would amount to much. In 1938, they were Jewish immigrants in New York and probably didn’t embrace the careers the boys chose. Jerry was a writer who concocted far-fetched tales. Joe sketched rudimentary drawings tied to Jerry’s stories. At least they had jobs.
Their early pre-war works may not have been on the same plane as William Faulkner or Grant Wood but did garner attention. It came in the form of a comic book. Their creation was a sci-fi tale featuring a man with special powers. The publication’s name was comparatively unimaginative – “Action Comics.” Nevertheless, kids bought hundreds of thousands of copies for a dime apiece.
Jerry and Joe called the character they created “Superman.” They sold the rights to their creation to the comic’s publisher for $130 plus the chance to create more of the same. That wasn’t bad money in 1930s America. What was to come is a whole different story....
There were many incarnations of Superman, some still being produced to this day. None hold a candle to that debut issue known as Action Comics #1 – at least to serious collectors. While over 250,000 copies rolled off the presses in 1938, a scant 100 are believe to survive in 2021.
The few who might remember having bought or owned one way back then will surely wish they had hung onto and protected it. Copies in any condition have always sold for a small fortune but those in pristine shape are beyond coveted. Last week, one outstanding specimen (graded 8.5 out of 10) sold for a record $3.25 million.
One surviving 1933 $20 gold coin was known to have been delivered to King Farouk of Egypt in a diplomatic pouch. The US government demanded it back but continual efforts by the Secret Service to retrieve it failed. The coin became storied with collectors only dreaming of owning it.
Finally, in 1996, an agreement by the coin’s owners and the US government was reached. It went to auction in 2002 where it was sold for a mind boggling $7,590,020. In just over a month, that record is guaranteed to be shattered.
This June, Sotheby’s New York will be offering the coin along with a few other extreme rarities at auction. Considering the proceeds of Action Comics #1 and other rare collectibles, this could prove to be ideal timing for the sellers. Estimates for what the coin will bring are in the neighborhood of $15 million.
The gold coin comes with a unique “Certificate of Monetization” attesting it is the only 1933 $20 gold piece approved by the US government for sale or ownership. The dozen other suspected specimens out there somewhere are not authorized or legal to be owned or sold.
There’s no question the Covid pandemic has created innumerable economic hardships for many people and businesses. However, prices for things such as rare comics and coins suggest some individuals are doing just fine. They may be fully ensconced in traditional investment vehicles but now setting their sights on alternatives. The result is new record prices.
The most promising news is that there are still many potential unrealized riches to be found. After all, if a quarter million copies of Action Comic #1 were printed, surely more than a mere 100 still exist. Even in just “fair” condition one of those can be worth countless thousands. That says nothing for subsequent early Action Comics issues #2; #3; #4 and so on. Those too can sell for $50,000 or more. It could be time to, once again, sort through some of those musty boxes in the basement.
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