[The Australian Panther]

CrashRyan said,[I'd guess some publisher bought/inherited/found in a dustbin a stack of Catholic Pictorial insides and slapped a cover on them (after selling a couple of ads). But another possibility occurs to me. Given the 5-cent sales price and the super-generic cover, might some less than scrupulous distributor have printed a slew of these covers and wrapped them around unsold returned comics which were supposed to have been destroyed? It'd be less obvious than selling comics with stripped titles. More effort involved, though, in putting on new covers. ]
Given that GCD has [Robert Allen Co. ? - ? 1 #: Country: United States Total Number of Series: 1 Total Number of Issues: 1] I would think that you were spot on Crash. If somebody eventually made money out of these, I curious as to how. They obviously weren't distributed, FSOR. [Full sale or return]

Link to the book: Lots 'O' Fun Comics

[Robb_K]

I agree that Crash's theory is the likelier of the two, which is how Izzie Waldman operated with his IW and Super Comics, and perhaps, also how Green and Norlen Publishing did, as well. 

[narfstar]

Since there are issues with different content it is just a crooked venture to profit off of "returned" comics. Since only the cover had to be returned the insides could be repackaged and sold illegally. Doubtful this hurt the bottom line of the comic companies. Doubtful a distributer would intentionally not sale comics and rip the covers off of them for credit then repackage them. This made a few bucks for the distributer and allowed the reader to get a bargain. Said reader may have spent money he would have bought a new comic with and those would be the only downside for the comic companies. What percentage that was is hard to determine. It is somewhat like digital. The  one purchasing or downloading is often unlikely to have bought the original.