Model 54 was to centerfire cartridges what Model 52 was to rimfire cartridges. Model 54 was also a quality-made bolt-action rifle, with non-detachable box magazine. Cham­bered for a variety of calibers: .270, .30-06, .30-30, 7mm, 7.65mm, 9mm, .250-3000, .22 Hornet, .220 Swift and .257 Roberts. This was Winchester’s first bolt-action rifle built for heavy, high velocity ammunition. Introduced in 1925; discontinued in 1936. About 50,000 sold. NOTE: Rare calibers are 7mm, 7.65mm and 9mm, which bring considerable premiums (in some cases as much as 250 percent) over standard calibers. Popular calibers such as .22 Hornet, .220 Swift, .30-30 and .257 Roberts will also bring a premium. Proceed with caution on Model 54s with rare caliber markings.

Model 54 was available in several different styles:
1. Standard Rifle: 24" or 20" round barrel (except .220 Swift which was 26"); plain walnut checkered pistol-grip stock and fore-end.
2. Carbine: 20" round barrel; plain walnut pistol-grip stock, with finger-groove on each side of fore-end.
3. Sniper’s Rifle: 26" round heavy weight barrel; plain walnut pistol-grip stock and fore-end.
4. N.R.A. Rifle: 24" round barrel; select walnut checkered pis­tol-grip stock and fore-end.
5. Super Grade Rifle: 24" round barrel; select walnut checkered pistol-grip stock, with cheekpiece; checkered fore-end, with black plastic tip; pistol-grip capped with hard rubber cap; Super Grade was equipped with 1" detachable sling swivels.
6. Target Rifle: 24" round heavy weight barrel; plain walnut checkered pistol-grip stock and fore-end.
7. National Match Rifle: 24" round barrel; plain walnut special target stock and fore-end.