I believe you, because I bought it at that price many times. They sold .22 ammo at the Ericson gas stations. I remember specials where the price was as low as 44 cents for a box of 50. Then the President Johnson (one of the worst disasters to hit this country) managed to push through the GCA 68, and things were never the same again. Before that, it seemed that half the stores on main street of our little town sold guns, after that, a couple.
Of course, I have to say that in constant dollars, .22 ammo got cheaper and cheaper over the years. That penny a round ammo would cost about 6 cents a round now, in constant dollars, so prices have actually dropped.
Yes, but do you remember going to Army surplus stores and seeing eight rounds of 30-06 anno in the M-1 "en bloc" clips for a dollar. They sat in displays right by the cash register.
PS; if you remember this you must be almost as old as me. LOL...