Cover gag is similar to the one on the cover of Archie Comics (Archie, 1942 series) #33 (published in July-August 1948).
There is a gap in the indicia type between the words "Pep" and "February" where the word "Comics" was removed from the printing plate at the last minute.
On sale date and volume number confirmed from the publication date and volume number reported to the U.S. Copyright Office found in the Catalog of Copyright Entries, Third Series, Volume 14, Part 1, Number 1, Periodicals, January-June 1960. Class B periodical. Copyright registration number B826444. Copyright office still records the title as being "Pep Comics."