According to Heritage Auctions, this is the most important and influential comic book ever published, introducing Superman to the world.
The book cost 10 US cents when it was released 86 years ago.
Before the auction, Heritage Auctions Vice President Barry Sandoval said that without Superman and Action Comics No. 1, no one would have known about the early golden age of modern comics.
Despite its age, the book retains its color and paper quality. Heritage Auction says there are only two other copies in better condition, and estimates that only 100 copies in total still exist out of the 200,000 printed copies.
The story, written by Jerry Siegel and Joe Shuster, tells the origin of Superman - an alien child sent to Earth to escape destruction - and Superman's love interest Lois Lane.
The auction house added that the value of the comic book was so high that individual pages sold for up to $60,000 each.
Other copies have also sold for record prices, including one for $3.25 million in 2021. That makes Superman the most expensive comic book ever.
According to CGC Comics, the comic book about Spiderman's first appearance once surpassed Superman, selling for $3.6 million in 2021.
A year later, the comic book about the adventures of the man of steel in "Superman 1" took the position of the most expensive comic book when it earned 5.3 million USD.
Years after his first appearance, Superman has become one of the most recognizable and enduring characters in American popular culture, appearing in blockbuster films, books, toys, and even on American chewing gum packaging.
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