In comic books and other stories with a long history, first appearance refers to the first occurrence to feature a fictional character. First appearances of popular characters are among the most valuable comic books in existence. In their spring 2002 issue, the editors of The Overstreet Comic Book Price Guide listed the ten most valuable comic books and seven were first appearances of popular superheroes.

(Another, Marvel Comics #1 (Oct. 1939), is the first appearance of the Golden Age Human Torch but it is probably more noteworthy because it was the first comic book published by industry giant Marvel Comics). This is usually because by the time a character is well-known, even iconic, many years have passed since his or her first appearance and few copies, and fewer good-conditioned copies, remain.

These comic books may be worth thousands of dollars. In 2004, a copy of Flash Comics #1 (Jan. 1940), the first appearance of The Flash, was auctioned for $42,000 and a copy of Captain America Comics #1 (March 1941), the first appearance of Captain America sold for $64,400 .

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