Even though as many as 200,000 of each of the early issues of The Penny Magazine were printed, examples that were never bound are hard to find. This copy of issue no. 200 is the first that I was able to obtain. Notice how Charles Knight and William Clowes printed a small ad in the left margin of the first page. Typically this was obscured or trimmed off when issues were bound. This example shows that each 8-page issue was a single printed sheet folded in quarters and unsewn.