It features the first appearance of several comic-book heroes—most notably the Jerry Siegel and Joe Shuster creation, Superman—and sold for 10 cents (equivalent to $2 in 2024).

[5] The first issue had a print run of 200,000 copies, which promptly sold out, although it took some time for National to realize that the "Superman" story was responsible[6] for sales of the series that would soon approach 1,000,000 a month.

[8] Christopher Knowles, author of Our Gods Wear Spandex: The Secret History of Comic Book Heroes, compared the cover to Hercules and the Hydra by Antonio del Pollaiuolo.

[9][10] In January 1933, Jerry Siegel wrote a short prose story titled "The Reign of the Superman", which was illustrated by his friend Joe Shuster and self-published in a science fiction magazine.

[citation needed] National Publications was looking for a hit to accompany their success with Detective Comics, and did not have time to solicit new material.

Jack Liebowitz, co-owner of National Publications, told editor Vin Sullivan to create their fourth comic book.

[12] The next twelve pages showed Superman attempting to save an innocent woman about to be executed while delivering the real murderess, bound and gagged, and leaving her on the lawn of the state Governor's mansion after breaking through the door into his house with a signed confession; coming to the aid of a woman being beaten up by her husband, who faints when his knife shatters on Superman's skin; rescuing Lois Lane (who also debuts in this issue) from a gangster who abducted her after she rebuffed him at a nightclub, which leads to the cover scene with the car; and going to Washington, D.C. to investigate a Senator who he suspects is corrupt, prompting a confession by leaping around high buildings with the terrified man, which leads into the next issue.

[14] In an April 2021 Associated Press article, Vincent Zurzolo, COO of ComicConnect.com, an online auction and consignment company, said that it was estimated that about 100 copies of the issue were still in existence.

[16] Also that year, on March 29, ComicConnect.com sold another copy for US$1.5 million, making it the most expensive and most valuable comic book of all time.

[20][21] Another copy, rated CGC 5 ("Very Good/Fine"), was discovered in July 2010 by a family facing foreclosure on their home while packing their possessions.

In March 2011, it was found in a storage locker in the San Fernando Valley and was verified by ComicConnect.com to be the copy sold to Cage previously.

[25] The Hollywood Reporter mentioned in its March 2012 issue that a film was in development based on the theft of Cage's copy of the comic book and would be titled Action No.

[28] Some years prior to the auction, Adams was contacted by this third person, and seeing the pristine condition of the comic, purchased it for a "seven figure sum".

[15] A new record for the highest amount paid for a copy was set at $6 million US on April 4, 2024, when Heritage Auctions brokered the sale[31] of a specimen graded 8.5 by CGC.

As a result, the Overstreet Comic Book Price Guide has, since the 1970s, published a warning advising that attempts have been made to pass off the reprint, stripped of its Famous First Edition cardboard cover, as an actual #1.

Postal Service's "Celebrate the Century" commemorative stamp series along with a "First Day of Issue" cancellation.

[37] The 1988, 1998 and 2000 reprints were published to the page-size standard of the 1988–2000 period, and not the larger page size utilized by Action Comics in 1938.

In September 2011, DC Comics canceled all of its monthly books, and relaunched 52 new ongoing titles, with a completely new fictional continuity, an initiative branded The New 52.