A first day of issue is the first day that a new stamp is released. Often a special stamp is released in a significant city before it is available in post offices around the country.
A first day cover is an envelope, like this one, celebrating the new stamp and postmarked on the first day of issue from the city where it is first released. Stamp collectors like first day covers. It's kind of like a first state first edition.
This first day cover with the new Horace Greeley stamp - released and postmarked on February 3, 1961 - was sent from Chappaqua because Greeley lived there with his wife and children in the mid 1800s.
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