[ford38v8]

Big Deuce's advice does not take into account the real possibility of your ring/pinion having been replaced, and as a matter of fact, 3.54 was not a stock ratio in 1937. If the banjo and axles are out as a complete assembly, a positive confirmation would be to put a wrench on the pinion spline and turn it the 3.54 revolutions you believe to be your ratio, while one axle is stationary, the free axle will have turned two revolutions. On the other hand, if you have removed the axle housings from the banjo, just count the teeth on the ring gear.