I think a UK 1st/1st Hobbit with a decent dust-jacket is a better bet than this, but probably only just, and Khamûl this is an ex-library book, my favourite .

It appears that fakers in the past acquired a 1st/1st paperback and a 1st/2nd hardback and then rebound the paperback with the boards from the hardback.

It cost a lot of money but when sold on, could make up to 10 times the money for the fakers, hence why the description of a true first has to look at the back of the book, they are different from the 1st/1st to 1st/2nd.