Sho-nuf looks like that badge has been there for a bit!
Interesting tho: why isn't the headtube white under the badge?
You guys are a hard sell... This is an OG bike with many years of sun and rain exposure. The answer to your implication is "oxidation" caused by SUN exposure. My grandfather was not only an Illinois College graduate; but, he was also a farmer and a painter. He spent WWII in Tacoma, WA. painting US NAVY ships. He told me he could never understand why farmers painted their barns RED... as RED gave NO protection from the sun's ultra-violet rays. He meant any color with a red base... 'Rose' has a red base. On this bike is: oxy-red primer. The bike was totally painted with the 'Wimbledon white'. The 'rose' colored details were applied on top of the white. The green high-lites were then applied, adjacent or overlapping, BY HAND/or/at least by brush stroke, as pinstripes.
Here are photos, some, from when I first brought this home.
The last photo just posted shows the oxidation without any 'cabe' style clean-up.
I decided to spend some time cleaning so you can see the difference between white and sun damaged 'rose' [a rusty orange tint].
A man asked: Where was this badge used? I had one; to help him I answered;and, it was on an
OG paint bike. I have enough evidence to see that it has been the only badge ever on this bike; that there is no re-paint ever on this bike.
Yes, I am old enough to remember that autos from late forties and early fifties that were brand new painted 'maroon' [dark red] were within three to five years of new, faded,
ugly and flat, no shine... primer showing on roof and hood, on tops of fenders.
Old, NOT senile.
I've been around the block more than once... The last twenty years were spent in manufacturing [includes machine work, assembly, testing and development].
HERE IS A PLAUSIBLE SCENARIO, especially @ Schwinn, a 'waste not' manufacturer. A White Starlet is almost fully assembled with her new white paint, rose details, and green accents... an assembly-line worker grabs a template and drills holes for badge install [it was Mon. or Fri.].
He threads the holes. He picks up a badge and decries: "!@#$&!". He hails the line foreman; explains that he has just built
scrap; the foreman calls a super and other management. What badges do we have that fit the holes you made? OK, use that winged Schwinn... no foul, get this line moving.
Why did I try to help this guy with an answer?