The $412 (£258) payment, written out by Detective Comics in 1938, is a piece of comic book history and the key to a long-running legal battle between the publisher and the creators.
DC publisher Jack Liebowitz issued the cheque, which included $130 (£81) for the rights to the Man of Steel, and $282 (£177) as payment for stories Siegel and Shuster contributed to Detective Comics, Adventure Comics and More Fun Comics.
"The concept of the superhero was born with Superman," Vincent Zurzolo, co-owner of auction website ComicConnect, told Reuters. "That $130 cheque essentially created a billion-dollar industry."
Both creators' surnames were misspelled, forcing Liebowitz to endorse the payment twice.
The cheque was rescued from a rubbish bin by a DC employee and stored safely in a dresser, where it would remain for 38 years. It was sold by the heirs of the ex-staff member.