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For more on marking an answer as the "Best Answer", please visit our FAQ.Yes it is still illegal because someone still owns the copyright and someone still gets a percentage of the profits from each sale. I believe that copyright lapses after 60 years and the work falls into the public domain, but I also understand that the copyright can be renewed. So early works by someone like Frank Sinatra have no doubt been re-copyrighted.
50 years, not 60. Anything released before 1 January 1954 is now in the public domain in the UK, though many of the songs themselves will still be under copyright. For instance, Bing Crosby's recording of "White Christmas" has been in the public domain for several years now - Bing's estate won't get anything from it, but Irving Berlin's estate will still get royalties on the song, because intellectual copyright lasts longer than mechanical copyright.