Most book collectors do not want to find they have a book club edition book.  Occassionally, a book club edition will be collectible, but that is usually because of ornate bindings.
So how do you tell a book club edition?  There are several clues that can help you discover them.  One immediate clue is that on the lower corner of the dust jacket it says "Book Club Edition"   Another clue that can be found on the dust jacket is that there is no price.(The lack of a price is not conclusive for a book club edition but you should be suspicious).  Book of the Month Club, stamps the back cover in the lower right corner with a symbol.  Book club books are usually lighter as lighter thinner paper is used.  If your book is lacking a headband either top bottom or along the spine, this may be another clue.

Grosset & Dunlap, J. Walter Black, A.L. Burt are all reprint publishers.  So even though it may look like a first edition, when a book is published by one of these companies, you should be wary.