It looks like David Schnebly was the first person to point this out. Check out his website.
Spawn #1
About five to ten years ago the discussion arose about the first appearance of Spawn. This has a lot to do with Spawn fans wanting to stronger collections, looking for obscure books that others can’t find, resulting from the high print run of Spawn #1. An argument began that Malibu Sun #13 published in May, 1992, an earlier product catalog featuring Spawn, was actually the first appearance of Spawn featuring Mcfarlane’s first Spawn Pinup from 1991, being published weeks earlier than Spawn #1 (published date May 1992). Malibu Sun #13 currently sells for $20 – $80, depending on condition, with CGC Graded copies reaching anywhere from $250 – $400+.
This week it was revealed that there was an earlier published Spawn Pin-up, bringing a new “spawn first-appearance” into the equation.
Rust #1 published by Adventure Comics (Later turned into Malibu Comics) in April of 1992 – a full month before Malibu Sun #13 – and features the original Pin-Up of Spawn done my Mcfarlane in 1991.
This book is currently selling for $20 – $30 – with a limited edition Gold Foil Variant, numbered and limited to 10,000 – hitting the $100+ range. This book is 100% dollar bin material, so that is where you should start looking.
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