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When did Packard stop putting oil gauge in the dash that actually told you lbs. of pressure? Was it 1951 or am I just not remembering those after 1950?

The 50 has a gauge, the 51 has the light.

OK, that's what I thought. How do you read the light? IF it's on does that mean low pressure?

That's my understanding. Here's what the '51 owners manual has to say about it:

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Thanks!

The light being on also depends on the sender. There are different pressure ranges before the light actuates or extinguishes. Assuming no actual failure of the sender or the oil pump, then if the light is on and sender has been changed the wrong one could have been installed.

One aftermarket reference gives a 3-5 psi range as proper for Packards. Using that one the light would go out almost instantly and probably never come on except when engine was stopped or there was an actual complete failure. Another gives around a 20 psi range so the light will be on if it is less than a fast idle but goes out at normal driving. Based on the Packard description I suspect they are using something in the 10-15 range but don't remember ever seeing an actual number. Of those aftermarkets listed, without a real Packard sender for comparison than I'd go for the 15-20 range. Better to have a little indication of impending problems than one that waits till something fails before lighting.

There are other higher range senders which would also look the same and fit the hole. If one of those were installed the light might be on most of the time.

All of the 1951-54s had an oil light. All of the 1955-56 seniors (except for the 1956 Executives) had an oil gauge.