1954 is Harley s  50th anniversary. Even though are no model changes there were some interesting engine changes and new options available for 1954. A tapered pinion shaft and gear, and oil pump worm gear.
Three frames were available in 1954. A wishbone with no horn mount. A wishbone with flattened down tubes and no horn mount and
Straight leg with “T” mounting bracket.
Jubilee trumpet horn is introduced. a faster acting throttle, new foot shifter w/optional heel lever.
first optional dual exhaust and Black hard plastic saddlebags are available.

 

Here are some great sources for detailed information about Harley Davidson’s 1954 Panhead

How to restore your Harley-Davidson by Bruce Palmer 111

Riding vintage website

the Jocky Journal web forum

hydra-glide.com The panhead and flathead site

The Harley Davidson Panhead service manual 48-57 rigid

1954 models

model	engine type	actual displacement	compression	options
FL sport solo	74 c.i.high compression	73.66 c.i.	7.0:1	—
FLF sport solo footshift	74 c.i.high compression	73.66 c.i.	7.0:1	F=foot shift
FLE sport solo traffic combination	74 c.i.high compression	73.66 c.i.	7.0:1	E=traffic comb.
FLEF sport solo traffic combination foot shift	74 c.i.high compression	73.66 c.i.	7.0:1	F=footshift E=traffic comb.

NOTE: the ” F “ denoting foot shift will not be stamped in serial number.

1954 models available colors

paint	stripes	speedometer
black	—	black outside white numbers grey center red indicator
pepper red	—
glacier blue	—
forrest green	—
daytona ivory	—
silver	—
anniversary yellow	—
white	—

black

pepper red

glacier blue

forrest green

daytona ivory

silver

anniversary yellow

white