Back cover illustration of Cutter. There are no advertisements in the first three printings. The last four pages are concept sketches of the elves. Inside back cover of first three editions is a black and white version of the Fantasy Quarterly #1 cover. Notice the indicia at the bottom of the first page shows obvious manual changes to both individual price and subscription rate.

Some retailers or distributors had old stock available when the next price came out, so there are copies in circulation that have a price sticker on the cover (usually red.) Prices should be printed in black on the white background.