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AnonymousKen's website states that the 1938 set was meant as a continuation to the 1933 set and was later changed to be called "Heads Up".
Dad and I discussed it for awhile and the fact that the 38 set was meant as a continuation of the 1933 set originally and was later decided to be called "heads up". Also, the fact that the 8 figures kind of match the 8 figures on the first Heads up wrapper that was issued.
Of course this is just Pop's speculation and I don't have any hard facts so I am open to anything!