Casting band The Monkees had accepted that the music of their tracks was played by studio musicians and that the head of their record label, Don Kirshner, felt their skills were inadequate. Such was the case on the two recording days for I'm a Believer / (I'm Not Your) Steppin' Stone, October 15 and 23, 1966, in New York City. Jeff Barry, as producer of the A-side, hired, among others, the young composer of the title, Neil Diamond, as acoustic guitarist, Buddy Salzman as drummer and Carol Kaye of The Wrecking Crew as bassist. The only one allowed to sing was Micky Dolenz, whose vocals were added in Hollywood to the instrumental playback thus prepared by way of overdubbing.
Diamond's lyrics about the first true love, which doesn't only exist in fairy tales and only for others, were underpinned by the interplay between guitar and organ, which forms the dominant bracket of the track. Take 18 was eventually used as the master and went into record production. On November 12, 1966, the single was released as Colgems #1002, only the second record on the fledgling label. RCA took over distribution of the pop song.