[Mr 5 0]

There was no 'official 25th Anniversary Mustang model' from Ford, even though this was looked into with several designs on body and performance modifications. All that Ford actually ended up doing was installing a running horse badge on the passenger side of the dash board, stating "25 Years" on the bottom of the badge. These badges were installed beginning in April of 1989 and continued for one year, until April of 1990, the Anniversary model year. It was a lot cheaper than iintroducing actual performance or body modifications to the Mustang.

After April of 1990, Ford kept the badges in place, but they were now blank at the bottom, so only the Mustangs built within the Anniversary model year will have the "25 Years" on their badges. Ford also had a "25 Years" water mark on the window sticker with the running horse badge during this time period. Since Mustang sales were excellent at that time, Ford must have decided that they didn't really need to spend a lot of money for a 'special' 25th anniversary Mustang to sell cars that were already very popular and flew out of dealer lots.

Your friends Mustang sans the badge may have been built before April, 1989 (check the VIN) or it may have had the '25th anniversary' dash badge removed by a previous owner.