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IMO it should be 1952. One thing I noticed with this case style when looking at all of the models using this in our records is that all of the cases have a date code no later than 51, including ones through 1954 (we have ads through 1955 using this case, pricelist through 1954-Thayer); is it possible that Bulova had stopped producing them and kept using the old stock with newer movements, would they have cased a 54 movement in a 51 case as new? Perhaps we just don't have enough post-52s to verify. Just thinking out loud!