Batman #232 (June 1971), the first appearance of Ra's al Ghul, sells for about $1,500–3,500 in CGC 9.4, $2,700–3,600 in 9.6 and $7,100–10,000 in 9.8, based on 2026 sales. A CGC 9.8 brought $8,540 at Heritage in March 2026.
Below you'll find prices by grade, recent sales, how to tell an original from a facsimile, and what to do if you have a copy. We buy comic books in Chicago and the suburbs and see Bronze Age Batman keys every week. If you'd rather sell comic books than research them, we can make you an offer.
Batman #232 Value by Grade (2026)
Prices are for CGC-graded copies with a blue (Universal) label.
| CGC grade | Typical 2026 price | Most recent verified sale |
|---|---|---|
| 6.0 (Fine) | About $500 (estimate) | No recent sale |
| 8.0 (Very Fine) | About $700 (estimate) | No recent sale |
| 9.4 (Near Mint) | $1,500–3,500 | $1,642 · eBay · Jul 2026 |
| 9.6 (NM+) | $2,700–3,600 | $3,172 · Heritage · Mar 2026 |
| 9.8 (NM/MT) | $7,100–10,000 | $10,000 · eBay · Jun 2026 |
The record for the issue is $21,600 for a CGC 9.8 at Heritage in June 2022.
Recent Batman #232 Sales (2026)
| Date | Grade | Venue | Price |
|---|---|---|---|
| Jul 2026 | CGC 9.4 | eBay | $1,642 |
| Jun 2026 | CGC 9.8 | eBay | $10,000 |
| Apr 23, 2026 | CGC 9.8 | Heritage Auctions | $7,930 |
| Mar 2026 | CGC 9.8 | Heritage Auctions | $8,540 |
| Mar 2026 | CGC 9.6 | Heritage Auctions | $3,172 |
Why Batman #232 Is Valuable
Batman #232 contains "Daughter of the Demon" by Denny O'Neil and Neal Adams, the first appearance of Ra's al Ghul. The immortal leader of the League of Assassins, and father of Talia, became one of Batman's greatest enemies, and the story continues in Batman #244.
Ra's al Ghul was the main villain of Batman Begins (2005), which raised demand for this issue. It is a key book of the Bronze Age. For other Batman keys, see our Batman price guide.
How to Spot a Batman #232 Facsimile
- Cover price. The original says 15¢ and is dated June 1971.
- Facsimile edition. DC has reprinted the issue as a facsimile edition, which is marked as a reprint and has a modern price.
- Paper. Originals are on off-white to tan newsprint.
- Collections. The story also appears in trade paperbacks and hardcovers, which are worth little as collectibles.
- Restoration. Color touch or trimming lowers value, and CGC uses a purple label for these copies.
Not sure what you have? Send us a few photos through our free comic book appraisal.
What Affects the Value of Your Copy
A 9.8 is worth about three times a 9.6, so the difference of a single tick or crease matters a lot. Learn more in how condition affects comic book value, raw vs graded comics and CGC vs CBCS, or see our comic book grading guide.
Own a Copy? Get a Free Appraisal
If you're searching for this value, there's a good chance the comic is in your hands. Comic Buying Center buys Batman keys, single books and whole collections, and we pay on the spot. Our appraisal is free and there's no obligation to sell.
- Send photos of the front cover, back cover and first page
- Get an honest estimate based on current sales, not guide prices
- Visit us in Libertyville or sell comic books in Chicago and the suburbs without shipping anything
Related Value Guides
- Batman #251 value: classic Joker cover
- Batman #227 value
- Batman #244 value: Ra's al Ghul returns
- Batman #423 value: Todd McFarlane cover
- Batman price guide
- DC comic price guide
- Bronze Age comics
Batman #232 FAQ
How much is Batman #232 worth?
In 2026 a CGC-graded Batman #232 sells for about $1,500–3,500 in 9.4, $2,700–3,600 in 9.6 and $7,100–10,000 in 9.8. Mid-grade copies are worth several hundred dollars.
Is Batman #232 the first appearance of Ra's al Ghul?
Yes. Batman #232 (June 1971) is the first appearance of Ra's al Ghul, in the story "Daughter of the Demon" by Denny O'Neil and Neal Adams.
How much is a CGC 9.8 Batman #232?
CGC 9.8 copies sold for $7,100–10,000 in 2026, including $8,540 at Heritage in March. The record is $21,600 from June 2022.
Is there a Batman #232 facsimile?
Yes. DC has published a facsimile edition, and the story is reprinted in collections. An original has a 15¢ cover price, a June 1971 date and newsprint pages. We will check your copy for free.
