This is Saucy Movie Tales for November 1936, cover (probably) by Norman Saunders. This rather small original was the only one I could find and is from the Galactic Central index.
Lucy Fidelis has done re-creations of this cover as well. Clean:
And Context:
Both works are licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Please keep in mind that any moral rights the artist has remain intact under this license.
Even today you don’t often see nipples on display on the front cover of magazines on the rack at the supermarket. Were these 30s era mags only available under the counter in disreputable newsagents? Did the post office let them through the mail?