Not every piece of late-1980s skate apparel aged into a collector item. Most of it was worn to destruction — faded from sun, shredded at the cuffs, retired to the rag bin. The shirts that survived and now trade at premiums share a recognizable set of characteristics: iconic graphics tied to a specific cultural moment, …

In 1987, Billabong did something unexpected. The Queensland surf brand — built on boardshorts, surf trunks, and the clean aesthetic of Australian beach culture — launched a secondary label aimed squarely at skaters. It was called Bad Billy's, and for a window of years in the late 1980s and early 1990s, it represented …