This looks like a newer release of the 1950 game, with the picture puns replaced by 3-letter tiles. The "pun" tiles are printed on both sides, so they can be played horizontally or vertically.
A picture of this edition appears in an ad in the Nov. 30, 1953 issue of Life magazine.
From the rules printed on the inside of the box cover: 'Word "Wise" is a fascinating game. It combines all the standard word games such as Anagrams, Crosswords, etc., with added enjoyment thru the use of puns.'