Josiah K. Lilly was born in Indianapolis on September 25, 1893. He graduated from the University of Michigan in 1914 and served as a captain in the Medical Supply Service during World War I. He worked with the family business, Eli Lilly Pharmaceutical Company, holding the position of director from 1914 to 1923, vice president from 1923 to 1953, and chairman of the board from 1961 until his death on May 5, 1966. Lilly had an extensive library that he donated to the University of Indiana in 1959.

He also collected military miniatures, stamps, gems, guns, and paintings. The Lilly Collection of gold coins was donated to the Smithsonian by his estate in exchange for a tax credit in excess of $5 million. His gold collection was formed over a period of 12 years, much of the business being done exclusively through Stack’s. He acquired more than 6,000 pieces, including the unique Brasher half-Doubloon.