Collector’s edition or not, Warhammer 40k codex books don’t age like fine wine; here’s why they fade in value and probably aren’t true collectibles.
Limited edition Warhammer 40k codexes might look fancy with their special covers and faction lore, but don’t let that fool you into thinking they’re collectibles. Once an edition rolls over, those pricey books turn into nothing more than outdated rule sets with pretty pictures. We looked at how the miniatures are not actually collectible… it seems like the codexes aren’t either.
While some folks try to flip them on the secondary market, most struggle to sell them for anything more than what they paid—if they sell at all. If you’re grabbing a codex, do it for the game, the artwork, or the lore, but don’t expect it to hold value like a truly rare miniature or a coveted trading card.
Not the Collector’s Gold Mine You May Think They Are
Warhammer 40k has no shortage of limited edition models, codexes, and books, but are they actually collectibles? Well, it depends… While they have their place in the hobby, calling them “collectibles” is a stretch.
Let’s break this down.
Codexes Have an Expiration Date
A codex isn’t designed to last forever. Every few years, a new edition lands, shaking things up and making older codexes about as useful as a Land Raider with no treads.
Sure, there’s lore and artwork inside, which is great for fans of that faction. But once those rules get phased out, the book’s primary function disappears. Compare that to an actual collectible—something that holds or increases its value over time. Warhammer codexes? Not so much.
The Secondary Market Mirage
(This codex just dropped and is selling for about $200, but it’s still usable in 10th, hence the higher price.)
Every edition, there’s a moment when codexes spike in price. Maybe a faction gets a new book, and people scramble to get their hands on the limited edition. Generally, this happens because GW tries to sell out of every release, meaning people want the fancy codex with the current rules. So, they will pay higher prices for maybe a few months, maybe a couple of years, but that’s about it.
Look at the Armageddon codex from 25 years ago. It cost $10 at release. Today? It goes for about $20 on secondary markets. That’s 25 years of waiting for a return that wouldn’t even buy you a decent box of miniatures.
Limited Edition Doesn’t Mean Collectible
(These collectible codex books from the old editions did not even sell; you can see they have zero bids.)
Every so often, Games Workshop slaps a “Collector’s Edition” label on a codex, gives it a fancy cover, and sells it for a premium. These versions cost around $110 at launch (but the new Chaos ones are even more), and while some people try to flip them for double that, it rarely works out.
A true collector’s item gains value over time. With these, the best-case scenario is getting your money back. Worst case? You’re stuck with an expensive book that nobody wants once the edition ends.
(Even dozens of codexes sell for less than $100, even if they have some limited editions in the lot.)
Take a look at eBay listings for past limited edition codexes. Plenty of sellers are trying to offload them for more than retail, but most just sit there gathering digital dust. At best, they sell for what they originally cost. That’s not a collectible. That’s just a pricey book for people who love their faction.
Warhammer Is a Game, Not a Card Market
A big reason why Warhammer codexes don’t hold value is that they’re not collectibles in the same way that Pokémon or Magic: The Gathering cards are.
A rare Pokémon card retains value because it’s a finite item, with scarcity and demand keeping prices up. A codex? That’s a book with rules that change every few years. It’s not rare. It’s not playable forever. Once an edition ends, that book is just a fancy piece of history.
Miniatures have a better shot at being collectible, but even they are not truly collectible, with so many items going to Legends, even they have a limited lifespan (plus, the new stuff always looks so cool). But codexes? They just age out of usefulness.
The Reality of the Warhammer Meta
If you’ve played Warhammer for any length of time, you know how fast things shift. A unit that’s unstoppable today might be gathering dust tomorrow. Codexes drive that shift, introducing new power levels, mechanics, and restrictions that change how armies play.
By the time you’ve bought, built, and painted a new unit, there’s a solid chance it’s no longer the powerhouse it was when you started. Maybe it’s gone to Legends, or maybe new rules have made it a bad investment. Either way, the same thing happens with codexes. They’re relevant until they’re not.
Buy Codexes for the Game, Not for Investment
None of this is to say codexes are bad. They’re essential for playing the game, loaded with lore, and a great way to learn about your favorite army. But calling them collectibles? That’s a stretch.
If you love the artwork, faction history, and background stories, go for it. Maybe don’t expect to retire on a pile of old rulebooks though.
GW Admits Miniatures Are Not Collectible
What are your thoughts on old Warhammer 40k codexes not being collectible?
