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”Of all the personal mementos I`ve collected in a lifetime crowded with unforgettable memories, there`s none more meaningful to me than the cover of the very first issue of Playboy, published in 1953.”

So starts the letter from Hugh Hefner, inviting collectors to own a rare piece of Playboy history-a limited-edition reproduction of the magazine`s first cover, featuring Marilyn Monroe.

Hefner`s pitch recounts his publication`s humble beginnings. ”I had gone over every inch of every page a hundred times, but when I saw them for the first time together, printed and bound into a single package . . . I find it hard to describe the intensity of the feeling. I reached over the bindery line and plucked out a copy as it passed by and held it in my hands. With every fiber in my being, I struggled to make it real and suddenly there it was.”

The reason for such candor? Hefner is now offering lithographs of first cover for $700. Or, if you prefer, you can have your memorabilia matted and framed for $950. Both, we are assured, have been inspected and signed by Hefner himself and can be ordered by calling 1-800-258-1995.

”It`s too early to say how they`re selling,” said a company spokesman,

”but we expect a big response.” To say nothing of a big markup. In 1953, the original cost 50 cents.