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According to the definition of edition above, a book printed today, by the same publisher, and from the same type as when it was first published, is still the first edition of that book to a bibliographer. However, book collectors generally use the term first edition to mean specifically the first print run of the first edition (aka "first edition, first impression"). Since World War II, books often include a number line (printers key) that indicates the print run.
A "first edition" per se is not a valuable collectible book. A popular work may be published and reprinted over time by many publishers, and in a variety of formats. There will be a first edition of each, which the publisher may cite on the copyright page, such as: "First mass market paperback edition". The first edition of a facsimile reprint is the reprint publisher's first edition, but not the first edition of the work itself.
[edit]Bibliographical definition
The classic explanation of edition was given by Fredson Bowers in Principles of Bibliographical Description (1949). Bowers wrote that an edition is “the whole number of copies printed at any time or times from substantially the same setting of type-pages,” including “all issues and variant states existing within its basic type-setting, as well as all impressions.”
Publishers often use the same typesetting for the hardcover and trade paperback versions of a book. These books have different covers, the title page and copyright page may differ, and the page margin sizes may differ (same type area, smaller trim), but to a bibliographer they are the same edition.
From time to time, readers may observe an error in the text (or, in the days of metal type, a piece of broken type), and report these to the publisher. The publisher typically keeps these reprint corrections in a file pending demand for a new print run of the edition, and before the new run is printed, they will be entered.
The method of entry, obviously, depends on the method of typesetting. For letterpress metal, it typically meant resetting a few characters or a line or two. For Linotype, it meant casting a new line for any line with a change in it. With film, it involved cutting out a bit of the film and inserting a new bit. In an electronic file, it means entering the changes digitally.
Such minor changes do not constitute a new edition, but introduce typographical variations within an edition, which are of interest to collectors.

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Rarity Fund Advisors will purchase Liquid Rarity Exchange assets in the Rare Books & Media Classification which have the greatest opportunity of appreciation.  Each LRE investment fund will be SEC registered and governed by the Liquid Rarity Exchange Governance Committee.   Qualified Appraisals and Rarity Advisors in conjunction with broker/dealers, wealth managers and mutual funds organizations will manage the LRE funds.

Valuable physical copies of rare or one-of-a-kind printed media including, but not limited to:

  • Handwritten Documents & Books
  • Typewritten Documents & Books
  • Printed Documents & Books
  • Musical Scores
  • Maps
  • Blueprints
  • Patent Documents
  • Designs
  • Film, Photography, Music, & Sound
 

 

Liquid Rarity™ funds could include all rarity classifications including, but not limited to collections and examples in the following categories