I've got an old paperback copy of this that has been one of my best friends for a long time. I had this book long before I ever picked up a copy of Wilson's bigger, more comprehensive, and more workmanlike 'Complete Course in Magic'.
I love Hay's approach to magic. He doesn't just tell you 'how', he tells you 'why'. Read this book if you want to develop the attitude of a real magician.
Hay covers all kinds of magic: cards, coins, silks, and what have you. It's an excellent first magic book. And it's cheap.