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The Punisher #21 cover
Cover: Erik Larsen & Scott Williams

The Punisher #21

Jul 1989 · Marvel · 1.00 USD; 1.25 CAD; 0.50 GBP
📊 ~44,842 copies sold its debut month
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“The Boxer”
★ 1st appearance — Iris Green
About this Issue

The Punisher #21 (July 1989) marks the debut of Erik Larsen as series penciller, a creatively significant changing of the guard that would define the book's visual identity through the tail end of Mike Baron's run. The issue also introduces Iris Green, a pharmacology-trained antagonist whose first appearance here seeds a multi-issue storyline that unfolds across issues #22–25 and ties into the Shadowmasters crossover — one of the more ambitious narrative arcs Baron constructed on the title. At a broader level, the issue reflects the copper-age Punisher series' appetite for grounded, crime-fiction premises — a corrupt boxing promoter, a duplicitous secretary with a chemistry degree — that distinguished Frank Castle's world from the superhero mainstream.

"The Boxer" in The Punisher #21 (1989) delivers a gritty, character-driven story from writers Stan Lee and Dwayne McDuffie, set against the grim streets of New York. The issue’s cover by Erik Larsen and Scott Williams captures the raw intensity of the series, while the interior art brings the brutal realism of Frank Castle’s world to life.

writer Mike Baron · artist Erik Larsen · inker Scott Williams · colorist John Wellington · letterer Ken Bruzenak · cover Erik Larsen, Scott Williams

ComicBooks.com Value

Our Model is In Beta
Raw (VF) $5
CGC 9.8 · 21 in census $89
CGC 9.6 · 5 in census $41*
CGC 9.4 · 4 in census $28*
CGC 9.2 · 3 in census $26*
CGC 9.0 · 2 in census $23*
CGC 8.5 · 1 in census $22*
Show all 9 grades
CGC 8.0 none in existence
CGC 7.5 · 1 in census $20*
CGC 7.0 · 2 in census $20*
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Our model’s value — refined as new sales data arrives · CGC census counts shown where available

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History

Issue #21 arrives at a transitional moment on The Punisher's second ongoing volume, which had launched in 1987 with writer Mike Baron and artist Klaus Janson. By mid-1989 the art duties were handed to Erik Larsen, who in an interview with Comic Book Historians recalled being assigned the Punisher title after arriving at Marvel in 1989 and taking whatever work was available, noting that Baron provided tightly broken-down panel scripts. Larsen would remain on the title before moving to The Amazing Spider-Man and eventually co-founding Image Comics in 1992. Editor Carl Potts and assistant editor Marc McLaurin oversaw the issue under editor-in-chief Tom DeFalco.

Trivia · 8 facts

  • Written by Mike Baron; penciled by Erik Larsen; inked by Scott Williams; colored by John Wellington; lettered by Ken Bruzenak — cover date July 1989, Marvel Comics (The Punisher vol. 2, #21).
  • Issue #21 is Erik Larsen's debut as series penciller on The Punisher, replacing the previous rotating roster of artists on the title.
  • First appearance of Lester 'Les' Daniels, a corrupt boxing promoter who dies within this same issue.
  • First appearance of Iris Green, a pharmacology-trained villain who operates as Daniels's secretary and covert agent; she escapes at the end of the issue and continues as an antagonist through at least issue #25.
  • The story is set primarily in Philadelphia, at Cobb's Gym, with Castle posing as a fighter to expose a rigged bout involving boxer B.J. Johnson.
  • Microchip (David Lieberman) appears in a supporting role, feeding Castle background intelligence on Daniels's betting patterns and Iris Green's dual background in pharmacology and ninja combat training.
  • The issue launches a multi-part arc that runs through issues #22 and #25, eventually crossing over with the Shadowmasters limited series.
  • The issue has been reprinted in Superaventuras Marvel (Editora Abril) #109 (June 1991), Punisher (Atlantic Förlags AB/Pandora Press) #1/1992, Punisher Epic Collection Vol. 3: Kingpin Rules (Marvel, 2019), and Punisher: L'intégrale 1988–1989 (Panini France, 2024).

Cast · 4 characters

Full credits

writer Mike Baron
letterer Ken Bruzenak
cover pencils Erik Larsen
cover inks Scott Williams

Reprints

Reprinted in Superaventuras Marvel #109 (1991), Punisher #1/1992 (1992), Essential Punisher #3 (2009), Punisher Epic Collection #3 (2019), Punisher : l'intégrale #1988-1989 (2024)

Key issues in The Punisher

Variants (1)

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