In this paper, a game-theoretical semantics is developed for the so-called “alpha” part of Charles S. Peirce's System of Existential Graphs of 1896. This alpha part is that portion of Peirce's graphs that corresponds to propositional logic. The paper both expounds a game-theoretical semantics for the graphs that seems close to Peirce's own intentions and proves for the alpha part of the graphs that this semantics is adequate.