Robert -
Outside of a completely restored trailer queen, that's gotta be the cleanest rear axle cover I've ever seen on a car! You sure are lucky to have found two tags; I don't thinks there's even one axle tag left on any of my Packards.
At first glance, I suspected the "45C" was a model number. Then, I did a little Googling and found this page:
http://www.studebaker-info.org/text3/Dana3.txt ...but not sure how applicable it is.
I have heard stories where some of original TT axles were later removed from these cars, but not sure what would have been put in their place. On the other hand, it could be that a previous owner, in trying to detail the car for show, installed a tag that they had but wasn't actually correct
(if you get my drift).
BTW, the rear axle for 1955 was a completely different design; the differential was front-loaded, with a welded rear cover - like the 1954 and earlier models.
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