The title Captain Billy's Whiz Bang combined Fawcett's military moniker with the nickname of a destructive World War I artillery shell. According to one account, the earliest issues were mimeographed pamphlets, typed on a borrowed typewriter and peddled around Minneapolis by Captain Billy and his four sons. However, in Captain Billy's version, he stated that when he began publishing in October 1919, he ordered a print run of 5,000 copies because of the discount on a large order compared with rates for only several hundred copies. Distributing free copies of Captain Billy's Whiz Bang to wounded veterans and his Minnesota friends, he then circulated the remaining copies to newsstands in hotels.
The publication, delivered in a 64-page, saddle-stitched, digest-sized format, soon saw a dramatic increase in sales. By 1923, the magazine had a circulation of 425,000 with $500,000 annual profits. With the rising readership of Captain Billy's Whiz Bang, Fawcett racked up more sales with Whiz Bang annuals, and in 1926, he launched a similar publication, Smokehouse Monthly. The popularity of Whiz Bang peaked during the 1920s. It continued into the 1930s, but circulation slowed as readers graduated to the more sophisticated humor of Esquire, founded in 1933. It had an influence on many other digest-sized cartoon humor publications, including Charley Jones Laugh Book, which was still being published during the 1950s.