There are 2 distinct versions of the 1982 Cobra Commander, Enemy Leader, Figure. The first figures produced are known as the Mickey Mouse Cobra Commander. This unofficial name was derived by collectors from its less detailed logo that somewhat resembled a Mickey Mouse head in that the cobra's eyes were 2 oversized circles, which were reminiscent of the famous mouse mascot's ears. The Mickey Mouse Cobra Commander was available as a Mail-In figure, and it was also available in some (but not all) 1982 Sears Cobra Missile Command Headquarters sets along with v1 Cobra Officer and v1 Cobra Trooper.
The regular 1982 Cobra Commander is identical to the Mickey Mouse version except for the logo. The logo on the regular edition is the standard red Cobra logo that was used on other figures, in comics, and in the cartoon for years. Just like the Mickey Mouse figure, the regular Cobra Commander was available as a Mail-In figure, and it was also available in some (but not all) 1982 Sears Cobra Missile Command Headquarters sets. The Mickey Mouse edition is much harder to find and more desired by collectors. In general, both versions are considered to be variations of the same figure and not 2 unique figures.
The most typical damage is paint wear to the faceplate since the silver paint scratches off easily. And, what kid doesn't want to make the hero punch the head bad guy in the face for the Hollywood knockout/save-the-world scene? These two factors make finding a flawless faceplate very difficult. Another area of note is paint wear to the pistol strap around the figure's left leg.
If you're set on getting a mint condition Cobra Commander, make sure to get great close-up pics of the faceplate before buying. It's not uncommon for a Cobra Commander to be sealed on card or sealed in bag (in case of mail-in versions) with imperfections on the mask from the factory.