This is one of the rarest 3-3/4 early GIJoe action figures. I've seen it go for as high as $800 on eBay for a good version. Mine is in great shape, with tight joints, a great paint job, and no fading.
The best part about this figure, is how I got it. in 1998 I started getting a little more serious about my GIJoe action figure collecting, and when I heard about this figure, I needed to get it. I started checking eBay listings regularly (as eBay was the hot new thing to buy collectibles online) and lost on a few bids.
Somehow, a collector from Oregon saw my post on the eBay listing about losing on the bid in the last minute. He fired off an email to my AOL account (that was cool back then!) and let me know that he was piecing out his collection and getting rid of his figures. He saw how displeased I was about losing the bid in the last 10 seconds and knew that I was a serious collector and would take best care of his prized figure. He told me that if I would guarantee to display it proudly, he would 'let it go' for $20 bucks.
He got his money order the next day, and I got my figure in a week.
While it may not be my childhood favorite (that was my Flint figure which saw many battles), it certainly is one of my favorites as a serious collector.
(now you know... and knowing is half the battle)
From YoJoe.com -
"When the new version of Cobra Commander was released in 1983, the straight-arms were replaced with arms that could swivel at the bicep. Also, the date stamp on the figure was changed from "1982" to "82-83". While technically only a variation, the changes are substantive enough to consider this a new version. However, as many people consider this only a variation, we have chosen to list this figure as version 1.5, rather than version 2.
A variation exists specifically with the straight-arm version of Cobra Commander. The earliest Cobra Commander's had a poorly painted Cobra logo - with very little detail. The second straight-arm version has a sharp, crisp logo with clearly defined inner stripes on the Cobra - pictured above. The first edition is much harder to find.
The logo variant is sometimes referred to as the "Mickey Mouse" variant. The logo variant was available mail-in in 1982 and some were also available in the Cobra Missile Command Headquarters set. "