As a result of her service during World War II, Rankin was entitled to wear the American Campaign Ribbon, the Asiatic-Pacific Campaign Ribbon with one star, the World War II Victory Ribbon, the Navy Occupation Service Ribbon with an Asian Clasp, the National Defense Service Ribbon, and the China Service Ribbon.
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During the eight years after her 1952 recommissioning, Rankin won the Battle Efficiency Plaque six times, including an unprecedented five straight from 1956-1960. By special order of Commander in Chief, Atlantic Fleet, Rankin sailors were authorized to wear a Gold E on their arms, and the ship wore a Gold E on her stack.
In 1958, Rankin simultaneously held every award available to a ship of her class: the Battle Efficiency Plaque (the White E), the Engineering Red E, the communications Green E, gunnery awards for both her 40MM batteries and her 5-inch mount, the Assault Boat Coxswain Award, and the Marjorie Sterrett Battleship Award.
She was awarded the Armed Forces Expeditionary Medal for her service in the Cuban Missile Crisis of 1962.
In 1965, the Secretary of the Navy awarded her the Navy Unit Commendation for her performance in the Dominican Republic Intervention.