The first issue published of Whiz Comics was issue #2, published with a cover-date of Feb. 1940. Fawcett created two black-and-white ashcan #1 issues to solicit advertisers and to secure the copyrights to the material. The two copies were identical but carried different titles: Flash Comics and Thrill Comics; the Captain Marvel character was called Captain Thunder in a near-identical story. When Fawcett went to press with the magazine, the first issue was retitled as Whiz Comics, a name inspired by the company's bawdy humor magazine, Captain Billy's Whiz Bang. Further complicating matters, when they got to issue #3, Fawcett, through either mistake or intent, used the number twice. Thus, if viewed from the perspective of the second #3 (and, therefore, all the issues that followed it), Whiz #2 unofficially became Whiz #1.
The cover art for the first issue showed Captain Marvel throwing a vehicle at a wall, and was inspired by the cover of Action Comics #1, which shows Superman lifting a car.