Any particular callouts you guys would make when opening up this original 1954 main panel?
40 amp service.
Undersized, to start with.
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I note any panels over 40-45 years to be further evaluated. One almost 70 years I’ll add my ****'s to it on the front and back of my recommendation.
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The electrical service and panel appeared to be outdated by today’s standards. Although the homes existing service may be sufficient, today’s standards typically require a minimum of 100 amps in order to run modern day appliances.
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I agree with others and I would state that the panel is outdated electrical equipment and that replacements should be considered.
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Looks like broken handles, no main shut-off. I agree it’s older.
And why does it look like a Pusmatic Bulldog panel mated with a Federal Pacific Stab-lok? lol
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Besides the age, you could also mention the triple-lugged neutral termination.
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You’re just getting picky… 
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My mind is racing imagining what the rest of the house looked like 
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Is that 2 grounds & 1 neutral?
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Kinda looks that way to me.
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This would be the verbage I would use. Basically saying it’s working, but doesn’t meet today’s safety standards. Would recommend reviewing by an elecical contactor for safety and functions. It may also be in current code violations.
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That is a XO panel made by either SQ D, or Cutler-Hammer, one thing that is wrong is that single pole XO breakers must be alternated to balance the panel, so that if the load side terminal is on the right, the next one must on the left, and so one, when they are not alternated they end up on the same leg.
Yes, but god forbid don’t suggest that means anything should be changed. Given the relative
loads on that leg everything may be fine, might be perfectly balanced. Look instead for signs of heat stress, failure, etc.
It won’t be a code violation if it was installed correctly back then: no requirement to upgrade.
Obsolete electrical panel installed. May not have sufficient capacity or replacement parts to provide current electrical needs. Upgrade would require a new panel and possibly new circuits to address commonly installed appliances.
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If the breakers were not alternated it was not installed correctly, but that panel has been obsolete since the late 1950’s, QO & CH series panels replaced it, & it is long past time to replace it.