# Grey Ghost, real or Not?



## okozzy (Feb 15, 2022)

My son in law's grandfather's home is going to be put on the market, thus cleaning up before Estate Sale.
I found this bike in the garage, but the family will like to keep it & so, I volunteered to clean up bike for them.  

My only question here is that I've always seen grey ghost as having gears and rim brakes, am I missing something here?


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## okozzy (Feb 15, 2022)

A few more photos


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## WillWork4Parts (Feb 15, 2022)

They did make a Coaster Brake model in 71 and this appears to be the real deal!


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## GTs58 (Feb 15, 2022)

All the Krates came with the coaster option, at least for 1971. Looks like it's all there and complete. 👍👍


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## HEMI426 (Feb 15, 2022)

Make sure you post a pic when it's cleaned up please, should look nice.


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## Junkman Bob (Feb 15, 2022)

Nice find … Post some pics of cleanup as it progresses…


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## Rusty Klunker (Feb 15, 2022)

I cant make out the SN on the head tube but its there. Get a better shot of it and looks to be real.


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## Coyote (Feb 15, 2022)

Rusty Klunker said:


> I cant make out the SN on the head tube but its there.



"looks" like an _G  so probably 1971 Coaster  👍

speckled chrome, but not cancerous


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## okozzy (Feb 15, 2022)

Thank you all for your quick replies.
So a one year only bike, that's great news!

I will post pics as I go along.
Thanks again!


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## okozzy (Feb 15, 2022)

SN: LG071988


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## GTs58 (Feb 15, 2022)

Oh boy, a November 71 serial number. I wonder if that was even built in 1971. Popular models took priority so maybe it was. Make note of the parts dates. 
What family member does that bike actually belong to? The seat is kind of low for Gramps. 😆


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## nick tures (Feb 15, 2022)

wow cool find looks all original but the back tire will clean up real nice !  post pictures when you get done !  easy on the gaurd when you clean it up as its in good shape and the paint likes to fall off easy, good luck on the clean up !!


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## okozzy (Feb 16, 2022)

nick tures said:


> wow cool find looks all original but the back tire will clean up real nice !  post pictures when you get done !  easy on the gaurd when you clean it up as its in good shape and the paint likes to fall off easy, good luck on the clean up !!



Yes, it will be warm soap and water on the frame for starts, then go from there.


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## dave429 (Feb 16, 2022)

Great find! Looking forward to seeing it all shined up!


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## Mr. Monkeyarms (Feb 16, 2022)

Spectacular! 😎  😎  😎


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## okozzy (Feb 16, 2022)

Just out of curiosity and to report  back to the family as I get started on this project.
@ what range would you guys place the value on this bike?
Under $1,000 ?  /  Over $1,000 ?


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## Oldbikeguy1960 (Feb 16, 2022)

November 1971. Near the end of the Grey Ghost production.
The coaster models in the Krate series were made from 1970-1972. 
Rob


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## Oldbikeguy1960 (Feb 16, 2022)

If they are selling it don't clean it up at all. Especially not the chainguard! Irreparable damage can be done to the screened on lettering in the blink of an eye!
Not to mention the newest fad is not cleaning the historic dirt off old bikes.
I don't get it but we are not all the same.


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## nick tures (Feb 16, 2022)

okozzy said:


> Just out of curiosity and to report  back to the family as I get started on this project.
> @ what range would you guys place the value on this bike?
> Under $1,000 ?  /  Over $1,000 ?



its hard to tell because there's not may to compare it to, my opinion, i would say probably, $1000-$1200 but again hard to say for sure could be more ?


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## Oldbikeguy1960 (Feb 16, 2022)

I bet Indycycling would have an answer on value. I don't sell any Krate series bikes and I no longer have a Grey Ghost.


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## nick tures (Feb 16, 2022)

Oldbikeguy1960 said:


> I bet Indycycling would have an answer on value. I don't sell any Krate series bikes and I no longer have a Grey Ghost.



i agree Rob !


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## indycycling (Feb 19, 2022)

Oldbikeguy1960 said:


> I bet Indycycling would have an answer on value. I don't sell any Krate series bikes and I no longer have a Grey Ghost.



Morning guys
It looks to be an original LG November '71 coaster Ghost. The guard screen looks excellent, all the crimps on the ends of the springer and sissy bar are original, seat looks great too. 

Overall, you see many more 5 speed Krates out there, not as many coasters, this being a limited Ghost run, it's a fairly uncommon bike.  That being said, the coaster bikes don't command the same prices as 5 speeds.  In this unrestored but original condition a 5 speed Ghost could sell for $3-$4K.  I have many 5 speed Krates in my collection including 2 Ghosts and 2 Cottons, but I've never had a coaster krate, just hasn't been my thing with all the early coaster Stingrays I've collected.  I would think this bike is valued at $1K easy especially with some of the better repro coaster Krates selling for half that amount or more. 

As the others have said, go easy on cleaning it and if you don't know how to, I'd just leave it alone and let the new owner have the awesome experience of detailing it back to it's former glory.  You are safe with some dawn dish soap and a sponge, go very easy on the guard screen.  The chrome will take some work, much more than hand polish so honestly, I'd leave that alone for now. This bike should be disassembled, frame cleaned and polished, and all the chrome treated to Evaporust, brash brush, and a good treatment with Quick Glo polish.  Lot of work, but it'll look great when done. 

Keep us posted on this one - very cool!


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## okozzy (Feb 20, 2022)

indycycling said:


> Morning guys
> It looks to be an original LG November '71 coaster Ghost. The guard screen looks excellent, all the crimps on the ends of the springer and sissy bar are original, seat looks great too.
> 
> Overall, you see many more 5 speed Krates out there, not as many coasters, this being a limited Ghost run, it's a fairly uncommon bike.  That being said, the coaster bikes don't command the same prices as 5 speeds.  In this unrestored but original condition a 5 speed Ghost could sell for $3-$4K.  I have many 5 speed Krates in my collection including 2 Ghosts and 2 Cottons, but I've never had a coaster krate, just hasn't been my thing with all the early coaster Stingrays I've collected.  I would think this bike is valued at $1K easy especially with some of the better repro coaster Krates selling for half that amount or more.
> ...



Thank you for chiming in and for giving us some pearls of wisdom!
Your recommendations on the cleaning from my own experience is exactly the plan I was going to follow & will get started as soon as life permits. 
Will keep you all posted as I go along....


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## okozzy (Mar 9, 2022)

And... So it Begins!


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## GTs58 (Mar 9, 2022)

You're starting off with a nice specimen so that should look awesome cleaned and all polished up. Wax it up real good, chrome and all when finished.


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## okozzy (Mar 21, 2022)

Making slow, but steady progress...


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## okozzy (Mar 21, 2022)

Clean hardware.


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## okozzy (Mar 21, 2022)

The shiny bits.


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## vincev (Mar 22, 2022)

Most Krates came with the shifting mechanism. The Gray Ghost is hard to find out of the Krate series. To be a plain jane model would make it more desireable in my opinion.Its cleaning up nicely.I would say it is definitely worth north of $1000.Its really an uncommon Krate.


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## okozzy (Mar 22, 2022)

vincev said:


> Most Krates came with the shifting mechanism. The Gray Ghost is hard to find out of the Krate series. To be a plain jane model would make it more desireable in my opinion.Its cleaning up nicely.I would say it is definitely worth north of $1000.Its really an uncommon Krate.



Vince, that's what I'm thinking on the value.


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## coasterbrakejunkie1969 (Mar 22, 2022)

okozzy said:


> Making slow, but steady progress...
> 
> View attachment 1593222



Did you straighten out the little tabs to get the pedal apart? How easy was that and do they ever go back to as tight as they were? Killer bike, I love the coaster. you do not see that bike often if ever.


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## okozzy (Mar 22, 2022)

coasterbrakejunkie1969 said:


> Did you straighten out the little tabs to get the pedal apart? How easy was that and do they ever go back to as tight as they were? Killer bike, I love the coaster. you do not see that bike often if ever.



I had to take them apart, I had no choice... they were bone dry, no grease in them what so ever.
It was super easy, I used these type of pliers, just make sure you do not over bend the tabs when putting back together. They are as strong and as solid as before taking apart.


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## okozzy (Mar 29, 2022)

It looks like all that remains is the best part, putting it back together.


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## okozzy (Mar 29, 2022)

Both inner tubes hold air, one is Schwinn and the other at the very least period correct.


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## Rivnut (Mar 29, 2022)

Nice work. Anxious to see it all together again.


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## nick tures (Mar 29, 2022)

nice job so far !!


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## Hoagie57 (Apr 3, 2022)

coasterbrakejunkie1969 said:


> Did you straighten out the little tabs to get the pedal apart? How easy was that and do they ever go back to as tight as they were? Killer bike, I love the coaster. you do not see that bike often if ever.



Those pedals are 1972 model yr. Did you find any other parts stamped 72 as well like crank or bars / gooseneck / front tire maybe. Does the seat have the reflector tab still?  I've had and seen a few of these over the last 28+ yrs and all always had the small reflector pedals. Of course early ones had the clear reflectors and mid/later ones had the yellow reflectors but all had the same smaller reflectors. Yours is a Nov bike seems a little early for those 1972 pedals to show up. No doubt the bike is a original 71 ghost. I just wonder if the pedals got changed out over the yrs. Hey Schwinn did things there way , so ya never know it may very well came that way.  Not knocking it ITS a great find either way. and value. Wouldn't be a bit surprised if it fetched $1500.
AND GUYS THIS IS A BIKE THAT SHOULD NEVER BE PARTED OUT!!!!! not like some others on here...


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## The Spokemaster (Apr 3, 2022)

Two bicycle collectors talking to each other about the poor condition of a certain Schwinn bicycle....

Collector 1 ="_Sheesh_, that things a real _crate_ !"

Collector 2 ="No, it's a _Stingray_, look .... no drum brake on the front !"


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## The Spokemaster (Apr 3, 2022)

Some people do not believe in 'ghosts' and they think 'ghosts' are not '_real'_

*This one is !*


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## okozzy (Apr 3, 2022)

Final assembly... got an early start this morning.

This project turned out to be more men hours than I anticipated, too much chrome to deal with, me personally, don't gravitate towards bicycles with this much chrome. Hope to finish today or tomorrow 😝👍


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## WillWork4Parts (Apr 3, 2022)

There's certainly a pride that comes with that time spent! Imagine a 5sp model with hubs, drivetrain, and levers to polish. There's also a reason I don't offer to detail other people's bikes anymore.


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## okozzy (Apr 3, 2022)

Hoagie57 said:


> Those pedals are 1972 model yr. Did you find any other parts stamped 72 as well like crank or bars / gooseneck / front tire maybe. Rear is not a RWL that would have been factory. Does the seat have the reflector tab still?  I've had and seen a few of these over the last 28+ yrs and all always had the small reflector pedals. Of course early ones had the clear reflectors and mid/later ones had the yellow reflectors but all had the same smaller reflectors. Yours is a Nov bike seems a little early for those 1972 pedals to show up. No doubt the bike is a original 71 ghost. I just wonder if the pedals got changed out over the yrs. Hey Schwinn did things there way , so ya never know it may very well came that way.  Not knocking it ITS a great find either way. and value. Wouldn't be a bit surprised if it fetched $1500.
> AND GUYS THIS IS A BIKE THAT SHOULD NEVER BE PARTED OUT!!!!! not like some others on here...



Hoagie, you got me there, I would not know where to look for year stamp on the parts.
As far as I know, this bike has never been messed with, this is the way it's been since new.
Yes on the seat reflector tab.

One thing that did surprise me about this bike given the little bit of use it got... it must of gotten ridden hard; both front and rear wheels were so out of true that it took me a while to get them back straight.


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## GTs58 (Apr 3, 2022)

I'm really curious what the crank date is being this a November 71 dated serial Ghost. It wouldn't surprise me if the crank was dated 72 and the pedals were said to be 72 issue. These were not on the 1972? list but that has no bearing on what was actually produced during the very first production of new 1972 models. The Corvette 5 speeds were discontinued after the 1962 models, but there is a known 1963 piece that was produced and it has an L2 serial number.


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## okozzy (Apr 4, 2022)

She's all done, I think she turned out pretty well, what you all think?


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## okozzy (Apr 4, 2022)

There she is against white background.


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## GTs58 (Apr 4, 2022)

Fantastic! 👍


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## New Mexico Brant (Apr 4, 2022)

Stunning accomplishment!  Thank you for sharing.


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## okozzy (Apr 4, 2022)

The ghost hanging out with other patina buddies before heading back to it's rightful home.


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## PCHiggin (Apr 4, 2022)

Nice collection! Great job on the Ghost. I wanted one of those in the worst way when new. I’d walk to the local Schwinn shop and stare in the window. I got a part time job a year later (age 12) but lost interest by then


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