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By Harvey Stack, Co-Founder

​The year 1968 saw important changes in the entire numismatic world. Attitudes toward precious metals shifted, several important collections entered the market, the extensive J.K. Lilly Collection joined the National Numismatic Collection, and the public’s interest in collecting both domestic and world coins flourished, infusing the coin marketplace with renewed energy.

By Harvey Stack, Co-Founder

​After Mr. Lilly's passing, the Indiana State Bank in Indianapolis was named the executor of his estate. The bank sent Mr. Lilly's vast rare book library to Indiana University in Bloomington. The Lilly home, Olmstead, which is now located near the Indiana State Museum, was given to the Museum as an additional gallery, with all the art and paintings included. The Lilly Collection of Revolutionary guns and armament together with his collection of some 5,000 miniature lead soldiers, dressed in the many uniforms of our nation, was given to his son, who opened a museum on Cape Cod, where many great items from Mr. Lilly's nautical collection found a home as well.​

By Harvey Stack, Co-Founder

​In 1967 Stack's continued its active over the counter and mail order business, as well as offering exciting public auction sales. Collectors visited our shop to see what we might have added to our inventory, meet with other collectors on Saturdays and use our library for their research. Our monthly auction sales, which usually took place on the weekends, brought many to view lots and participate. Of course, our usual buying and selling over the counter kept us very busy, and usually one or two members of the Stack family, were on the road attending shows and visiting collectors.​

By Harvey G. Stack, Co-Founder

To begin my story about 1967, I return to our lawsuit against the Treasury challenging its rulings about importing gold coins. In early January the hearing judge came back with an opinion that we were correct in asking for a repeal of the Gold Coin Import License. We were very happy, but the Treasury Department’s Office of Gold and Silver Operations (OGSO) was not. A day or so after the judge's ruling came down, the OGSO delivered a document to our attorney that said: “Notwithstanding the rulings of the hearing judge, application for the license is denied.”

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.​​

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