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One website, http://www.frankwu.com/paul1.html, has a note that Frank R. Paul's estate claims a copyright on his work. Efforts to contact the estate have not been answered. A search of the copyright records shows no copyrights or renewals by Paul on his early work. Frank R. Paul was an employee of Hugo Gernsback when these covers were created. Paul had to get Gernsback's approval on the proposed artwork for each cover. These early covers are a work for hire.
The copyright on the magazine was not renewed and it is in the public domain.