Here’s a little perspective: In 1939, gas cost 10 cents a gallon at the pump. A movie ticket set you back 20 cents. John Steinbeck’s The Grapes of Wrath, the year’s bestselling hardcover book, was $2.75. For a nation suffering 20 percent unemployment, books were an impossible expense.
But in just one day, Robert de Graff changed that. On June 19, 1939, the tall, dynamic entrepreneur took out a bold, full-page ad in The New York Times: OUT TODAY—THE NEW POCKET BOOKS THAT MAY TRANSFORM NEW YORK’S READING HABITS…
If paperbacks were going to succeed in America, they would need a new model. De Graff, for his part, was well acquainted with the economics of books. He knew that printing costs were high because volumes were low—an average hardcover print run of 10,000 might cost 40 cents per copy. With only 500 bookstores in the U.S., most located in major cities, low demand was baked into the equation.