This was an unauthorized edition published without the consent of the game's designer, James Day. The edition was controversial in not only for that reason, but due to the poor quality of the components. Unmounted maps were too large for the box, AFV counters with side artwork depictions were used (yet facing was determined in the original by viewing the counters from the top), an unreadable "Old English" font was used in places in the rulebook, etc. For all these reasons, the publisher disavowed himself publicly from this version.
The 2nd edition of Panzer is an "authorized" version by the game's designer.