The International Olympic Committee has corrected the standings of the competition to show the American sibling team of Vivian Joseph and Ronald Joseph as the bronze medallists .
In addition, two silver medals have been listed for the event by the IOC.
In 1966, the IOC awarded the Josephs the bronze medal after declaring the West German pair Marika Kilius and Hans-Jürgen Bäumler had violated their amateur status by signing a professional contract. With the West Germans stripped of their silver medal, all but the gold medallists moved up one placement.
But the IOC reinstated Kilius-Baumler in 1987. On Tuesday, it finally listed the Germans as silver medallists along with Canada's Debbi Wilkes and Guy Revell. The Americans were shown with the bronze.
Russia's great pairs team of Ludmila Belousova and Oleg Protopopov won the event.
"An Olympic medal is the ultimate sports symbol of hard work, sacrifice and the perseverance of athletes, parents and coaches," Vivian and Ronald Joseph said Tuesday in a joint statement. "We are happy the issue of our medal has finally been resolved."
The Josephs will award the championship pairs medals at the 2015 U.S. Figure Skating Championships in Greensboro, North Carolina.
The issue recently was brought to light during the run-up to the 2014 Olympic Winter Games, which marked the 50th anniversary of the 1964 Innsbruck Games.
"We thank all involved who helped settle this matter," the Josephs said. "We are only saddened that our parents and coach, Peter Dunfield, are not alive to share in this moment. They were the keys to our success."