The Beano annual for 1940 was published the year before, but doesn’t feature the much-loved Dennis the Menace, as he didn’t make his debut until 1951.
The annual features comic strips, stories and illustrations with other characters including “Pansy Potter” and “Good King Coke”.
It comes as the comic magazine celebrates its 80th birthday.
Robert Henshilwood, head of books for Keys, where the book will be auctioned, said: “Beano is the archetypal kids’ comic, and it has been published without a break for 80 years.
“It is very rare to see a copy of the first ever Beano annual, especially in such good condition, and we are expecting a lot of interest from collectors from right across the UK and beyond.”
It’s expected to fetch between £1,200 and £1,500 at the auction house in Aylsham, Norfolk, on Thursday.
The two-day auction will feature other comic books including a series of Rupert the Bear annuals from the 1930s.
The Beano was reduced to 12 pages a week during the Second World War because of paper shortages but still maintained continuous publication.