This fetching lass appears quite unhappy with her lot:
And no wonder, that birch has done a number on her rear end, and she’s not been left a stitch of clothing for modesty. I wonder what offense she’s being punished for. Is she an adulteress? A harlot? A thieving chambermaid?
I’m guessing this is artwork by Paula Meadows.
2012 update: Yup, it’s Paula’s work, it was in Janus #32, and here’s a much better scan, complete with hi-res if you click through: