SOME DEFINITIONS TO CONSIDER: To a Book Collector, a First Edition means a copy from the First Printing of the First Edition. (“Impression” is usually synonymous with “Printing.”)
To a Publisher, a First Edition MAY mean any copy of a title before it is substantially revised. And if you see on a copyright page something resembling Second or Third Printing Before Publication, this means that before the book was released, orders from booksellers have exceeded the quantity of the True First Printing and the book has had to be printed again. To a Book Collector, this is NOT a True First Edition.
A Point of Issue is a change that has occurred DURING the First Printing, thus resulting in two or more "States" of the First Printing. The change may be in the text, the binding material, the location or presence/absence of an illustration, and so on. Because there is no change in the First Edition identification method, copies can look identical unless the existence and location of a "Point" are known.
A Reliable, Professional Book Seller should state both the Edition and the Printing, thereby leaving to your particular interpretation whether you are evaluating a True First Edition or True First Printing. And if you really wish to confuse the issue, please ask a Book Seller if the First Printing of a True Second Edition is in fact a True First Printing. Some of the answers you'll receive are quite amusing and tongue-tied, resulting in you having NO idea what the correct answer is.)
This guide was assembled by booksuncommon. Any errors are mine. For those I apologize.
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