I can't find the reference on this subject - probably in the CPMS Newsletter or Journal - but you're essentially correct. 1954 $5 notes printed by BABN have no letter, and those printed by CBN are prefixed with a C.
I'm not really sure WHY this was done though as the plates already have BABN/CBN imprints at bottom centre, and nothing similar was done on the other denominations, particularly the $1 which was printed by both companies simultaneously. The $5 notes were a hard cutover early in the R/C prefix.
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BWJM, F.O.N.A.
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