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The Rockaways of Queens, N.Y.
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This picture shows a three-way Eagle Mark IV traffic signal cluster, in which was once located in the Rockaways of Queens, New York. Early 2000s. From Randy Trezak.
At the time this picture was taken, many two-section traffic signals were still common to see in certain areas of Queens aside from the Rockaways, such as Richmond Hill and Ozone Park.
Observe the use of L.E.D. signal indications here. When New York City first began the citywide conversion from light bulbs to L.E.D. inserts in 2000, many two-section traffic signals were affected. They were typically of the newer heads, such as the Eagle Mark IV, for example. Even so, some older Marbelite heads were partially converted, and, regarding those, the red signal indications were affected, while the green signal indications were still incandescent.
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As far as your second question is concerned, I would not be able to answer that, since I do not work in the industry and know prices for actual signals. In my opinion, though, I would imagine that is not necessarily true, since it does not sound logical to do so. Then again, I could be wrong. Just my two cents.
Over here we scrapped almost all of the old 8-8-8 signals when they switched everything over to LED. 8-8-8 signals are still permitted here for street with a speed limit of 35 MPH or lower but almost everyone uses 12-8-8 signals now.