I believe that back in that day there was the 1-1/2 cent rate for bulk mail, which is represented by the cover you show. (Remember, there was a 1-1/2 cent Martha Washington stamp in the Presidential Series of stamps in addition to the 1/2 cent Franklin stamps which appear on your cover. The entire reason that these denominations of stamps were made was to address that rate of postage.)
The fact that it was bulk rate mail is exactly why there is no date in the cancel. Typical for that class of service. Also typical that the piece would carry heavy advertising as a sales promotion.
The "1" in the San Francisco, California cancel is denoting the post office where the mail was sent from.
An exceptionally clear slogan cancel for the Golden Gate International Expo, though, which makes that cover a "keeper"!
P.S. Here's an example of a similar cancel with the 1-1/2 cent rate and no date from around the same time period (without the slogan cancel, of course):
