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Seems very popular, and available in a multitude of translations.
Does anyone know the history behind how this particular combo got started?
You are correct. The Gideons gave away 93 million Scriptures worldwide last year; if every one of those was a full Bible. we'd be bust! Also, it's very easy to carry a couple of NTs about in your pocket to give away to people you meet, but not so easy with a Bible.My suspicion is economics plus convenience (a Gideon can correct me if I am wrong):
Whole Bibles intended for hotel use obviously cost more to produce than smaller pocket New Testaments intended for wider distribution (primarily in schools)--but people still were familiar with various favorite Psalms and Proverbs (in books that generally were more popular than the remainder of the Old Testament). Thus the easiest, most convenient, and financially most feasible solution for the Gideons to implement was the NT/Psalms/Proverbs compilation.
Notably, various other publishing sources preferred to print only a pocket-sized New Testament, without Psalms or Proverbs (I have several such).