What he said is correct.. I picked up this Deluxe V-8 parts car a few years ago & it has 16 inch wheels.
I've never heard that they were for lower-level cars. The story I heard is that the 16-inch wheels were for Fords exported to countries outside the U.S. Anyone heard that?
Here are some pics of one of my favorite 50 Fords sitting on 16's. Steve Sellers Shoebox from San Jose as seen in TRJ #14, Winter 2000.
My wife's '51 has 16s. Bought it at an estate sale last year. Been sitting under a shed since '62. 6 cyl 3 speed Deluxe. Motor was not in it. Owner said he was racing a flatty and blew the engine. Same color as yours Chopshop13. Had to go check the shop to see if my wife decided to part with it.
I was told by a now-deceased old time Ford dealer (he had a picture in his office of him with Henry 1 at the '32 introduction!) that the 16" wheels were an no-cost option for those wanting more ground clearance or if they didn't want those 'new-fangled' 15" tires.... Popular in rural areas, not so much in urban areas where the roads were better.
Sixteen inch wheels were available on '49-'52 passenger Fords, and again in '56 on Fairlane V8s with Fordomatic and all station wagons, according to their shop manuals. The '53s and '54s only show 15", and I have no info on '55s.