54 is different from the 40 and earlier models and the drawing in post 4 of
this thread is accurate as far as the major pieces and how the wire connects to the horn ring.
Main difference between the 47 wheel in the drawing and the 54 is the horn emblem and retaining method is different and screws holding the ring mounting to the wheel is from the front instead of the rear.
Basically the 54 wire is soldered to a copper cup that sits on an insulating washer at the end of the steering shaft. The insulating washer supports and keeps the cup from touching ground. When the horn ring mounts, ground is carried by the large spring and 2 spring guides from the steering shaft to one side of the ring. The wire cup is pressed against another piece which is a contact plate isolated from the ring and makes the connection for the other side. Pushing the horn ring tilts it slightly and closes a very small gap between the edges of the two sections to complete the circuit.
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