Mihawk Is Banned From Oct 12, and the Market Has Already Moved
Bandai announced the OP14-020 Mihawk ban on Sep 24. Within four days the alt art Leader lost about half its value, and the PSA Magazine promo is following.
Bandai announced on Sep 24 that OP14-020 Dracule Mihawk, parallels included, becomes banned from Oct 12. The same update touched the existing Luffy/Katakuri and Luffy/Linlin banned-pair restrictions. Collectors tend to say bans crash a card "fast". Here is what the Ledger's price history shows for the four days since the news.
The alt art Leader
The OP14 alt art Mihawk Leader had been drifting gently for two weeks: US$67.22 (A$96.86) on Sep 14, US$60.73 (A$87.51) on the day of the announcement. Then the floor went. It printed US$53.08 on Sep 25, US$44.44 on Sep 26, US$32.94 on Sep 27 and US$29.42 (A$42.39) on Sep 28. That is roughly 52% below the announcement-day price, and about 56% below where it sat two weeks ago.
Two things stand out. First, this is a liquid card. It has logged 237 sales in the last 30 days, so these are real transactions and not a thin market printing a stray low. Second, the Ledger currently stamps it SELL_WATCH, with 7-day momentum of -54.2%.
The promo that shares the card number
The 2026 PSA Magazine Promo carries the same OP14-020 number, and the ban language covers parallels. It moved more slowly, and the pattern is instructive. It slid from US$101.75 (A$146.61) on Sep 14 to US$93.48 on the announcement day, held near US$90 through Sep 26, then dropped to US$74.09 on Sep 27 and US$72.94 (A$105.10) on Sep 28. That is about 22% below the announcement-day price. Its 234 sales in 30 days make it liquid too. A collector-facing promo tends to fall later and less steeply than the deck-builder's copy, because some buyers want it as a piece of art and not as a way to play the game.
The plain base printing sits at US$0.24 (A$0.35), so there was never much left to lose there.
What did not move
Not every Mihawk is affected. The manga Mihawk from the same set, OP14-119, is a different card number and trades at US$715.34 (A$1,030.72) with 7-day momentum of -0.6%. It is a thin market, with 12 sales in 30 days, so read that flat line as "no one has been forced to transact" and not as proof of demand. The Ledger stamps it HOLD.
The Katakuri and Linlin angle
The restriction update also changed the pair rules involving Katakuri and Linlin. We have not yet seen a clean price response there. The OP11 alt art Katakuri Leader, [[card:2be90bce-85a3-4cf1-b2df-382d0285f46c]], trades at US$35.62 (A$51.33), down 16.3% over 30 days and 4.5% over 7 days. That decline started before the announcement, so we are not attributing it to the update. A card whose restriction eased is worth watching, but a few days of data is not a trend.
What we're watching
The main open question is where the alt art Leader settles. Banned Leaders often keep a floor as a collector piece once the selling has run out, and we will be looking at whether daily sales volume stays high or fades as the Oct 12 effective date arrives. We are also watching the PSA Magazine promo for a second leg down, since it has fallen less than the alt art so far. Finally, we will check the Katakuri and Linlin printings again after Oct 12, when players actually start building with the new pair rules. The data shows what has happened since Sep 24. It does not tell anyone what will happen next.