In 1931, America’s bookselling landscape was bleak. A landmark industry survey commissioned by the National Association of Book Publishers found only 500 bookstores across the country, mostly clustered in the nation’s biggest cities. Two-thirds of U.S. counties had no bookstore at all.
It wasn’t easy for the average American to find a good book. Even if they could, the price for a hardcover—roughly $2.50, the equivalent of about $50 in 2026—put book-buying out of reach for most.
That all changed in June 1939, when Robert Fair de Graff launched Pocket Books. A former salesman for Doubleday, Page & Company, de Graff had a bold idea: small, mass-market paperback books for just 25 cents. “Legend has it that de Graff knew 25 cents was the right price after tossing a quarter into a toll booth. He realized no one would miss a quarter,” says Kenneth C. Davis, author of Two-Bit Culture: The Paperbacking of America.