Most action figures can be picked up on a whim, such as the 12-inch action figure of evil Marvel character Thanos on sale at Target for $14.99. Others require a bit more consideration.

Founded in 1954, Mego Corp. was created by D. David and Madeline Abrams as a line of dime store toys. In 1971, the couple’s then-28-year-old son, Martin “Marty” Abrams, fresh out of business ...