Butterfly is the second studio album released by British band the Hollies in 1967, their seventh in England overall. It was also the last new Hollies album to feature Graham Nash until 1983's What Goes Around. This album, like its predecessors For Certain Because and Evolution, featured songs written solely by Allan Clarke, Graham Nash, and Tony Hicks. The album was a Nash-led project, and he featured as the lead vocalist more than on any prior album.
As with Evolution, none of the songs on the album were selected for single or EP release in the UK. In the US, "Dear Eloise" was issued as a single A-side while "Try It" and "Elevated Observations?" were issued as B-sides of the "Jennifer Eccles" and "Do The Best You Can" singles, respectively. In Canada the single "Dear Eloise" reached No. 36. The mono single and stereo CD versions of "Try It" differ greatly in terms of sound effects and vocals.
In 1978, Parlophone reissued Butterfly with new cover art, and again in 1999. Almost all current CD issues of this album contain the original cover art.
The US version of Butterfly was retitled Dear Eloise / King Midas in Reverse, given a totally different full-color cover featuring a picture of the group in front of a shop, and released on Epic Records on 27 November 1967. It included the single "King Midas in Reverse" and the UK Evolution track "Leave Me", while deleting the UK Butterfly songs "Pegasus", "Try It" and "Elevated Observations".
The 1998 US CD reissue of Dear Eloise/King Midas in Reverse by Sundazed presents the original UK Butterfly track line-up with "King Midas in Reverse", "Leave Me" and "Do The Best You Can" added to the track listing.