WEREWOLF BY NIGHT #15

Cover shows strong, glossy color with sharp corners and no visible creases or tears in this photo. The top edge shows a slight lightening/wear line typical of light handling, and there's minor bindery/trim variance visible at the top margin. Spine appears tight with no visible stress lines or color breaks. Interior pages and back cover were not visible for assessment, so grade is estimated conservatively from the front cover alone.

Werewolf by Night #15 (March 1974) holds a firm place in Marvel's Bronze Age lineup as the first appearance of Moon Knight, introduced here as a mercenary enforcer sent to hunt Jack Russell's werewolf. Written by Doug Moench with art by Don Perlin and a cover by Gil Kane, the issue arrived within an ongoing horror-adventure title that was itself part of Marvel's early-1970s expansion into monster and supernatural content following the loosening of the Comics Code. Moon Knight's debut here as a supporting antagonist rather than a headlining hero is part of what makes the appearance historically notable: the character would be retooled within a few years into one of Marvel's most enduring vigilante properties, eventually anchoring his own titles, animated adaptations, and a live-action series.

Market data reflects a book with a large surviving population and correspondingly wide certified census, over 460 CGC Universal copies recorded, yet demand remains resilient at the top end. Mid-grade raw and lower-grade certified copies trade in a narrow, stable band, while values escalate sharply approaching Near Mint and Near Mint/Mint, culminating in a substantial premium for 9.8 slabs relative to the 9.6 and 9.4 tiers. This non-linear curve is typical of key first appearances where high-grade supply is proportionally scarce despite a healthy overall population, and where character relevance keeps interest active well after initial publication.

The book draws a broad collecting base: Bronze Age key-issue specialists, Moon Knight character collectors, and crossover buyers drawn in by media adaptations of the character. Lower and mid-grade raw copies function as accessible entry points for readers and beginning collectors, trading steadily but without dramatic appreciation. High-grade certified copies, particularly CGC 9.8, are pursued by registry-focused collectors and investors targeting first-appearance material, and these command outsized premiums reflecting both condition scarcity and enduring character relevance rather than short-term speculation.