According to the co-writer and longtime band member Bob Gaudio, the song was originally set in 1933 with the title "December 5th, 1933," and celebrated the repeal of Prohibition. Lead singer Frankie Valli was not  thrilled about the lyrics - and  objected to parts of the melody - so Gaudio redid the words.  It ended up being a nostalgic love song.

TRIVIA:
The lead singer on the first verse was their drummer Gerri Polci - Frankie Valli comes in on the second verse.

More From KOOL 101.7