This splendid and inexpensive book is one of a long list of "old" art manuals published by Dover, a publisher I will never thank enough for its commitment to re-publishing these wonderful volumes. Like most of such manuals, these are not step-by-step how-to manuals and if this is what you are looking for you should definitely look elsewhere. Rather, this book is a very "wordy" manual, written in beautiful and (given its age) old-fashioned English.
Keep in mind, however, that I am not really using this book as a guide, so I cannot duly evaluate its usefuleness along this important dimension. I purchased this book because I love pencil and ink and I enjoy watching and studying good artwork. In this dimension, this book is outstanding. Rather than pages and pages of simple exercises to help, step-by-step, to produce somewhat un-remarkable drawings, this book contains many examples of wonderful art by accomplished artists. There are examples of architecture, animals, landscapes and human figures. All of them a real pleasure to watch. Coupled with the interesting text and the remarkably low price, I highly recommend this book to anyone who likes pencil.
If you like this book you should also check out Guptill's "Rendering in Pen and Ink", which I love even better than this one, and that for a similarly low price offers countless examples of truly awesome black & white artwork. At the time I am writing this review the "look inside" option is not yet available on Amazon for "Pencil", but it available already for "Pen and Ink". I would then check a few pages of "Pen and Ink" to have a better idea about structure and content, which is very similar between the two books.