The V1 and V2 variants were the result of View-Master's sale by GAF to a group of independent investors and the company's reconstitution as View-Master International.
The V2 style (above) is the principal variant of the VMI era prior to the introduction of blisterpack packaging. The V1 style (below) represents the transition from GAF to VMI ownership and is essentially identical to the immediately preceding G6 variant; the only difference is the deletion of the GAF logo from the front and back of the packet envelope and a change in corporate identification and address on the rear bottom flap.
V1 front top
GAF logo deleted, View-Master logo not left-aligned.
(Differences between the V1 and V2 variants are so subtle or inconsequential that many collectors, dealers, and auctioneers make no distinction between them. Since these serve as sources for the V-M URL, "V1/V2" often appears in the List in lieu of a more specific description.)
The V2 variant was the last envelope-based 3-reel View-Master package. In the early/middle 1980s VMI converted to blisterpack packaging, first in the European market and subsequently worldwide. The existing stock of envelope-based packets was stapled to backing cards (right) to make them compatible with the newly-introduced blisterpacks; as a result, many V1 and V2 (as well as G6, G5, G4, and even G3) envelopes are found today with four sets of vertical staple holes along the left and right edges (below).