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I have some lacquer that is verifiably over 30 years old (I bought it myself) and it's just fine. The gallon can rusted a bit, discoloring the lacquer to a perfect aged amber, so in that sense it's better than new. I talked to the finish chemist at the factory, and he said lacquer is good indefinitely, but with old stuff it's a good plan to do a sample finish and see if it appears to dry normally.
When I heard McFadden was about to go out of business, I bought ten gallons from LMI and stashed it so we'd be able to spray for some years to come. Not doing full refinishing, we don't go through that much. Turns out that new stuff became available right away, so it was an unnecessary expense, but I figured it would be good insurance, having weathered shortages of bone, ivory, ebony in years past.
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