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The quickest "fix" (term used generously) is to find a smaller PM speaker that will fit in the steel "basket" and secure it there. You can retain the field coil and output transformer and won't have to make any modifications to the radio's circuitry, plus the radio will appear more or less original from the back.
Of course, the sound won't be quite as nice--but acceptable. A working radio runs circles around a silent one!
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