Topps first released this series as a test set before taking the plunge with a regular issue. The test cards and stickers were of a slightly smaller size (as indicated above) and with a different wrapper design.
The point of the set was to spoof popular records and songs of the day. The stickers themselves resembled 45rpm records, the kind that kids of the day bought to hear their favorite hits songs; further, the stickers spoofed specific record labels and the current hits on those labels. An example would be "I Got the Flu" by Sunny and Fair on the Atchoo label, which spoofed the hit "I Got You Babe" by Sonny and Cher on Atco.
In addition to the record stickers, each 5-cent pack of Phoney Records contained a 'Stupid Hit Songs' card, which spoofed a popular song of the time, including funny lyrics, fully illustrated in color on both sides of the card.
Somewhat difficult to find now (the set doesn't seem to have been a big hit), the test versions are even harder to locate.