your first system-

1969 (Just in time for Led Zeppelin!):

Kenwood KR-77 low-power (18 wpc) SS receiver

Allied Radio Horn speakers (12 inch woofer) similar to my current Forte 4s

Gerrard SL-95B TT with Pickering cartridge (I think)

Red and white RCA interconnects with zip cord speaker wire

Pure heaven when you're 16 years old!

Sherwood s7910, large Advents, BIC 960, Teac 250. Moody Blues, Led Zeppelin and Cat Stevens.

My first jump up to hi-fi in the early 70s was when I sold my Bose 901s and bought a stacked pair of Infinity 1001As with a Harman Kardon Citation amp, using my Pioneer receiver as the pre-amp. 4 twelve inch woofers really got my ELP albums thumping.

I can trace every piece of gear I own to my first cheap stereo system, I never started with a clean sheet, I always upgraded one thing at a time. I learned a lot doing that way over the decades. 

Probably 1967 or 68. Garrard 40B, Sansui 350 receiver (or is $350 what I paid for the set up?) and 12" Utah speakers.

A dear friend of mine got KLH speakers, a Scott receiver, and the original AR turntable.

Mine played louder and deeper, but his made music.

About 1961. All in one record player, preamp,amp and speaker. I was about 9-10.