Today, I got the final parts needed to get my old Lionel 254 electric running again, and it sure is smooth! I can see why Lionel was one of the more expensive brands of toy trains way back then. Sure, some of the parts didn't stand up to time and wear (like the wheels), but the construction really is rock solid, and it looks like they took no short cuts in their design. I'll be sure to take a video soon.
To get it running again, it needed:New drive wheelsNew reduction gear (one of the fiber gears deteriorated)New wheel gear (I damaged one while removing the wheels)Armature rewinding (done by the Motor Doctor. Expensive, but he does a great job)RewiringA really good cleaningLubrication
I ended up spending more than I thought I would, but I think it was all worth it. Now I've just gotta repaint it and find another brass plate for the cab. There will be before and after pictures (when I get it done, which could be a month or two).
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