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I had a brother that was old enough. And it would indeed go 137 mph if the speedometer was accurate. But it never topped 140 and certainly never got to the 160 mark. Or so the view was from the back seat.
Rumor has it that once you topped 70 mph on a 1960 era Lincoln that the creeping speedometer turned red. I certainly would have no first hand knowledge of this. As I always obeyed traffic laws and the speed limit was 55 back then.