The only song from the drama "The Great Magoo", which ran for just 11 performances in its first run. The Ben Hecht-Gene Fowler play was later transformed into the musical comedy movie "Shoot the Works" (1934).
The song is sung by the character "Julie Racquel".
The song title was changed to "It's Only a Paper Moon" when the song was added to the movie version of the stage musical "Take a Chance" (premiere: November 25 1933). It was performed by June Knight and Buddy Rogers.