For such an immensely popular character (probably only second to Spider-Man in the Marvel universe), Wolverine actually doesn't have that many key issues. In this blog, I argue that the market undervalues Punisher War Journal #6 as a Wolverine (and Punisher) key issue, especially when you compare it to Incredible Hulk #340.
Hulk #340 is the fifth most expensive Wolverine key issue.
Even for hardcore comic book collectors, you might be surprised to learn that Hulk #340 is, generally speaking, Wolverine's fifth most expensive key issue after the Hulk "trilogy" issues #180 through #182 (first appearance in cameo, first full appearance, and second appearance in cameo) and Giant-Size X-Men #1 (second full appearance). According to GoCollect, the FMV of a CGC 9.8 copy of Hulk #340 is $1,600. Earlier this month, a copy sold for $1,700 on eBay.
Surprisingly, this value of this Copper Age book is higher than two Bronze Age Wolverine key issues: a CGC 9.8 copy of Wolverine Limited Series #1 (FMV $675) or a CGC 9.8 copy of Uncanny X-Men #133 (FMV $1,400). In terms of rarity, the CGC Census lists the most copies of Wolverine Limited Series #1 (20,170 blue labels), then Hulk #340 (9,310 blue labels), and then Uncanny X-Men #133 (2,756 blue labels).
The CGC Census presents limited data, however; since Hulk #340 is a Copper Age book, there are probably just many more raw copies out there.
Punisher War Journal #6 is comparable to Hulk #340.
Considering how expensive Hulk #340 is, it surprises me how inexpensive Punisher War Journal #6 is. Specifically, according to GoCollect, the FMV of a CGC 9.8 copy of Punisher War Journal #6 is $120. Just over a month ago at the time of this writing, a 9.8 sold for a mere $70 during an auction on eBay.
Let's compare these two books. First, Marvel published both of these books during the Copper Age (Marvel published Hulk #340 in 1988, and Punisher War Journal #6 in 1989). Second, they both have iconic covers drawn by famous artists at the top of their games. Todd McFarlane, of course, penciled Hulk #340, and Jim Lee drew Punisher War Journal #6. Both covers share other similarities as well including Wolverine being the primary focus of the covers, but the covers also suggest the appearance of heroes (i.e., the Hulk's reflection in Wolverine's claws, and the Punisher's costume speared by Wolverine's claws).
I would even argue that Punisher War Journal #6 may have some advantages over Hulk #340. First, although the Hulk is a more iconic character than the Punisher, I would say that Punisher has a more die-hard following, and may even be a more popular character today (I know a lot of Punisher fans, but not many die-hard Hulk fans). Lastly, even though the CGC Census presents incomplete data, graded copies of Punisher War Journal #6 are more rare than Hulk #340. Specifically, the Census only lists 1,439 blue labels of Punisher War Journal #6 in comparison to 9,310 for Hulk #340.
Should Hulk #340 be worth 13x more than Punisher War Journal #6?
Now, I'm NOT saying they should be equal in value. Clearly, the market values Hulk #340 more. On the other hand, I don't think Hulk #340 should cost $1,500 more than Punisher War Journal #6.
What do you think? Do you think Punisher War Journal #6 is undervalued? Please let us know your opinion in the comments section below!
*Any perceived investment advice is that of the freelance blogger and does not represent advice on behalf of GoCollect.