A must for any Mad collection!  The very first issue of Mad Follies with the Paperback Book Covers Bonus Insert included and attached!  Although I'm not a professional grader, I'd give this copy a grade of  Very Good/Fine--  PLEASE SEE THE PICTURES.  There's light wear and creasing to the front cover with a light vertical crease near the right edge, over the bonus insert.  There's some light fraying along the right edge and top edge of the cover.  About 1-1/2" of the top of the spine has peeled off, otherwise I would grade this copy higher.  There are some small stress lines of the spine and light blunting at at the bottom.  The pages are in nice shape with some light signs of aging.  As indicated the bonus in included and in excellent shape!   There is light wear and creasing of the back cover with some light scuffing and the inside back page has light discoloration.  This is a great find for serious collectors of Mads!