CAPTAIN AMERICA #332

Cover shows sharp corners, strong glossy surface, and vivid unfaded colors on the red/white stripe background. No visible spine ticks, creases, or color breaking along the spine in this image, and the cover is protected in a plastic sleeve. Interior and back cover were not assessed, so grade is based solely on the visible front surface.

Captain America #332 (August 1987) is a pivotal chapter in Mark Gruenwald's long Captain America run, part of the storyline in which Steve Rogers, refusing to operate under government oversight, resigns his identity as Captain America. The issue sits at the hinge point between Rogers's departure and the Commission's installation of John Walker, formerly the Super-Patriot, as the new Captain America beginning with the following issue. Gruenwald scripted the arc with artwork from the regular Copper Age creative team, and the story remains one of the more discussed political and identity-crisis arcs in the character's publication history, predating similar high-profile shield-passing storylines by decades.

Market data shows a book that trades as a solid mid-run Copper Age Marvel rather than a blue-chip key: raw copies in low and mid grades hold steady, unglamorous values reflecting ample supply across the graded population, while pricing accelerates sharply only at the top of the census. The 9.8 tier shows meaningfully higher turnover and price relative to 9.6 and below, consistent with collector demand concentrated on assembling complete, high-grade runs of the Rogers-to-Walker transition arc rather than broad-based key-issue speculation.

This is a book primarily sought by Captain America run collectors and readers of the Gruenwald era rather than crossover or first-appearance speculators, so demand is narrower but persistent. Lower and mid-grade copies serve as accessible reading-copy fill for long-box collectors, while 9.8s draw a smaller but committed pool of registry-focused buyers willing to pay a real premium for top-census condition. Expect steady, unspectacular appreciation tied to broader nostalgia for the late-1980s Captain America storyline rather than any single defining first appearance.