This issue marks the end of the first volume of Captain America, which began with issue #100 in April 1968, continuing the numbering of Tales of Suspense, which Cap shared with Iron Man starting with issue #59 in November 1964. The story in this issue itself is a neat and tidy done-in-one, highlighting Captain America and Sharon Carter’s status quo before Cap, together with his fellow Avengers, heads into the Onslaught saga, after which there will be a rebirthing… but let’s not get ahead of ourselves.
The issue opens in the fictional East Asian nation of Tap-Kwai, ostensibly ruled by the military but actually run by a young genius named X12, to whom Sharon offers to trade Machinesmith’s coin containing all of Captain America’s knowledge drawn from his mind (from the last storyline) in exchange for… well, let’s hear it from her.

As Sharon and X12 prepare to “bargain,” who should interrupt but our favorite motorcycle enthusiast, imposing a cooling-off period on the current transaction.

While Cap mixes in up with the Tap-Kwai soldiers, Sharon corrects X12’s pronunciation of her ex-boyfriend’s name before she jumps on his bike and demands answers.

With the military hot on their trail, Cap and Sharon race through the city until they reach the pier. Sharon questions the wisdom of taking a motorcycle into the water, until she realizes Cap had a jet-ski hidden beneath for just such an occasion.

Once back on land and (relatively) safe, Sharon lets him know how she feels about his sudden appearance, to which he responds that he is trying to learn from his mistakes, but to no avail.

For now, she’s joining him for a little light exercise on their way to meet… someone.

Cap finally asks Sharon the burning question—or, at least that’s what she thinks he meant to ask, but he has more faith in her than she thinks.

Sharon takes them on a side quest to a small prison where she was held for almost a year, which despite the physical torments she came to regard as home.

Cap doesn’t accept it…

…and delivers a bit of wisdom that can be interpreted several ways. I prefer to think he’s saying that escaping from life is impossible and that you’re only truly free in your mind, which means you can be free anywhere regardless of external conditions (in the sense of Kantian autonomy and existentialist authenticity, including the psychological existentialism of Viktor Frankl).
Next, Sharon tries to explain to Cap that she wants to take out X12 so the rebel forces can topple the military dictatorship—but Cap prefers to empower the people first, and despite Sharon’s doubts, he believes everyone remembers what it is to be free, in body as well as in mind.

It doesn’t take long for X12’s army to arrive, as well as Cap’s “someone,” namely a SHIELD helicarrier, which beams the freed citizens up while Cap takes on the entire army. When everybody is on board, Cap tells Sharon it’s their turn, but she declines, refusing to have anything to do with SHIELD.

Sharon gives the real coin (the “memories”) back to Cap, who asks her to come with him one more time, but she has work yet to do in Tap-Kwai.

Cap and Sharon say their farewells, but when she leans for a last kiss in recognition of his loyalty, it is he who backs off this time, presumably to make a clean break. (Unless a kiss happened in the gutter between the last panels, but that would be an odd detail to leave out.)

They trade one final salute as Cap is transported into the helicarrier…

…next to be seen in Onslaught: X-Men #1 as that massive storyline kicks off, changing everything (at least for a year).
For now, this is the end of the Captain America title, other than a valedictory issue of Captain America: The Legend, commemorating his first 55 years as the Sentinel of Liberty. But never fear, the second volume of Captain America will launch with a new #1 in November 1996, and our hero will look a little different…

ISSUE DETAILS
Captain America (vol. 1) #454, August 1996: Mark Waid (writer), Ron Garney (pencils), Scott Koblish (inks), John Kalisz and Mailbu Color (colors), John Costanza (letters). (More details at Marvel Database.)
Collected in: Captain America Epic Collection: Man without a Country.
PREVIOUS ISSUES: Captain America #452-453 (June-July 1996)
ALSO THIS MONTH: Avengers #401, Uncanny X-Man #335, Onslaught: X-Men #1, and X-Men #55 (August 1996)
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