Old Town 161954 is a 13 foot AA (top) grade fifty pound model canoe that was completed July-September 1954. It has a keel and a floor rack and was originally dark green. AA grade canoes are mahogany trimmed, although it doesn't give wood species on the build record, that's what AA means. The planking is probably red Western cedar. The canoe was shipped to Lansing, MI, on July 11, 1955. The shipping date is considered the canoe's "birthday", even if it was completed years earlier... this is the convention.
I'm wondering if you thought your canoe was built in 1954 because the serial number has "1954" in it-- if so, this is purely coincidental. Old Town canoes are numbered sequentially, beginning over 100 years ago. While some of the old canoe companies figured a year into their serial number scheme, Old Town did not. There is a graph, however, that permits folks to determine the year an Old Town canoe was built, based on the serial number, and you may have seen that. I just wanted to be certain you didn't think "161954" meant it was built in 1954. It was, but... well, it's interesting when things like this crop up and can lead to misunderstandings in dating canoes.