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By Harvey G. Stack, Co-Founder

The year of 1966 was a challenging one for all of us at Stack’s. There was a lot of work to do, serving clients, both in the shop and on the road, as well as holding auctions and traveling to conventions. In addition to this “usual” work, we were making our case about the OSGO’s import standards and also preparing a specialized inventory for the estate of J.K. Lilly who had died. However, as 1966 ended, it became a year that I would always remember with pain and great sadness.

By Harvey Stack, Co-Founder

My story from last week ended with our finally receiving an explanation of the formula that the government was using to determine what gold coins were worthy of getting a license to import. With this explanation we became confident that we could win our case claiming that their actions were arbitrary and capricious. According to our attorney, "laws can be made and enforced if they are fair and without prejudice" when an action was taken. ​

By Harvey Stack, Co-Founder

In my story of 1966, so far I have told about a number of great sales Stack's held in that year, the growth of the hobby, and the loss of our friend and client Josiah K. Lilly. These and other things led to 1966 being one of our busiest years ever. And one thing that kept me particularly busy was our action against the Office of Gold and Silver Operations (OGSO) to protest their lack of clarity when it came to what could and couldn't be imported into the United States.​​

By Harvey Stack, Co-Founder

For some 16 years Stack’s had been dedicated to building a world class gold coin collection for Mr. J.K. Lilly of Eli Lilly & Co. As previously mentioned he would visit Stack’s twice a year in the spring and fall. He would advise us how he wished to proceed, we would endeavor to find the coins he desired and get them together for his approval. He would review the purchases, usually accept them and then the coins would be personally delivered to him in Indianapolis, usually by me.​​

By Harvey Stack, Co-Founder

As 1966 opened, the coin hobby continued to be active and much time was dedicated day and night to our numismatic business at Stack's. We had a series of important auctions, we were very active in our retail sales (both over the counter and from mail order), we attended many shows and conventions, and we continued to build the J.K. Lilly Collection. Stack's was also dedicated to trying to find ways to understand the requirements of the OGSO for acquiring licenses to import gold into the United States.​​

By Harvey Stack, Co-Founder

In 1965, the coin market became very hectic, as people became more aware that the change in their pockets could be more valuable than the face value printed on it. So daily, without a break, we had offers to buy silver, at a "hyped up price." This was fed by notices from the Treasury that one could not melt these coins, and that there might be redemption beyond face value. The Treasury implied that, after studying the ongoing confusion, they might consider approving in the future, the melting of the silver coins for their content.​​

By Harvey Stack, Co-Founder

But in 1965 Stack’s was excited to be awarded some major collections to sell at public auction. Some of the concerns of the previous year had abated and friends and clients once again looked to sell.​​

By Harvey Stack, Co-Founder

For Stack's, 1965 was a very demanding year. Beginning in this year, the U.S. Mint stopped making dimes and quarters out of silver and reduced the silver content of the half dollar to 40%. All the dimes, quarters and half dollars struck in 1964 or earlier were left in circulation by the Mint. Like all things that are predicted to become scarce, the public, collectors, and investors started to buy them up. Shortly after the announcement of change in the coins' make up by the Mint, hoarding began and such coins were removed from circulation. ​​

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