The Old Town canoe with serial number 86654 is a 17 foot long, AA (or top) grade, Otca model with red western cedar planking, open mahogany gunwales, mahogany decks, mahogany thwarts, mahogany seats, a keel, and a floor rack. It was built between January and April, 1925. The original exterior paint color was similar to the one shown at
http://www.wcha.org/catalogs/old-town/designs/design17.gif which was known as the design number 17. It shipped on May 4th, 1925 to Wisconsin. The back side of the card indicates that it was flawed with some paint peeled. Scans showing both sides of this build record can be found by following the link at the thumbnail images attached below.
These scans and several hundred thousand more were created with substantial grants from the Wooden Canoe Heritage Association (WCHA) and others. A description of the project to preserve these records is available at
http://www.wcha.org/ot_records/ if you want more details. I hope that you will join or renew your membership to the WCHA so that services like this can continue. See
http://www.wcha.org/wcha/ to learn more about the WCHA and
http://www.wcha.org/join.php to join.
It is also possible that you could have another number or manufacturer if this description doesn't match your canoe. Please attach a picture if the original paint design is still showing. Feel free to reply here if you have any other questions.
Benson