Alarums & Excursions #54 February 1980
Enormous (this issue is 160 pages!) American fanzine. Alarums & Excursions was the very first magazine solely devoted to roleplaying games when it started in 1975. Since then it has had an issue every month except one in 1975 when publisher Lee Gold was in Japan and another in 2006 when she was recovering from major surgery.
Condition is FAIR. The staples are long gone so it’s all loose leaf (I think all the pages are in the right order though), but pages are generally in pretty clean condition.