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If you are beginning a brand new publication, you should, of course, start with Vol. 1, No. 1 - then each month, only the "No." changes. Once you have completed a full year, the Vol. number changes to 2, and you begin again with No. 1 (and so on). The date is also important and may be indicated weekly (June 16, 2005), monthly (June 2005), or quarterly (Summer 2005). For instance, your first issue would be Vol. 1, No. 1 Summer 2005. You can also use Roman numerals for the volume number if you prefer - Vol. I, No. 1 2.
This is important information and must be included in every issue - preferably on the front page, in the masthead, or within the first five pages of a larger publication.