It's well made but there is no record of any such part in any KF literature (parts books, dealer news, service bulletins, shop manual). Being a European delivered '54, who knows? Maybe such a thing was made for the overseas cars, you never know it all.
Here's one you see quite often:
It's a '53 ornament with a '51 plastic tip. Back in 1970s when I would attend KFOC meets with my dad you pick up an NOS 1951 Henry J hood ornament tip for 50 cents! I had a bunch of them. The tips were very prone to breaks due to people grabbing onto them to open/close the hood or just getting bumped when people walked by. The '53 tips were just about impossible to find, also lots of people who bought cars with broken tips didn't know which one was correct so they'd buy a '51 tip and install it on the '52 - '54 ornaments. You still see quite a few like that, including this one. This one is on Edgar Kaiser's custom Henry J and what's interesting about it is it has the small screw in bottom to hold it in place. Most people who replaced the tips did not know that screw was there originally and did not replace it when replacing the tip. I always wonder if when this car was put together for Edgar Kaiser, they had this ornament laying around and put the '51 tip on it and fastened it with the screw because that's all they had available. I will likely never know for sure. I'm not going to change it as the car has historical significance so everything will stay as it is on it. I'll keep it running and road worthy but nothing else will be restored/changed on it.