Back cover color illustration of Picknose. Third printing has ElfQuest on black background and an ad for the first ElfQuest Portfolio by Schanes & Schaneson the inside back cover. Price is in black on white cover background. Contains fan letters, an ad for the pewter Cutter and Leetah figurines, A Day in the Lives comics by Wendy Pini, fan art, ElfQuestions (a sort of EQ FAQ) and one page of ads. The first ad is a variation of the ad for the Trio t-shirt, which turned out to be an overwhelming venture for WaRP and they stopped selling the shirts. They did, however, make the transfers available for purchase for $2.00 each. The second ad is for the ElfQuest hologram pendant. Notice the subscription rate in the indicia. $6 or $1.50 each even though the cover price is only $1.25

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 cover.