Ashcan edition, printed for purposes of copyrighting the title 'Action Comics' and a way to prevent competitors from stealing a similarly named title
Interior pages are from Detective Comics #10
The cover art was later used for Action Comics #3
Harry Donenfeld, the publisher of DC at the time also created ashcans with the title Double Action Comics and Triple Action Comics
There are three copies of the Action Funnies ashcan known to exist:
One is said to be locked in a DC Comics vault
One graded 8.5 sold in 2021 for $57,600
One ungraded sold in 2012 for $10,157.50