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1954 would probably make it armored cable, which uses the flexible metal conduit as the ground. Wouldn't be surprised if there were a pigtail coming off of your outlets and screwed into the back of the outlet box.
I'd probably have an electrician look at it for your first time simply because codes were looser in '54 and I've actually seen some rubber-sheathed (not knob&tube, but rubber-infused cloth weave) insulation that, just like knob&tube, can break down after 25 years and be dangerous. It wouldn't be a bad idea to have sparky check that. . .
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