That paint looks like it's the same as issued in 54 as an opalescent, (metallic) which is their 4 stage coating process. Metal dip, primer, aluminum silver and translucent blue.. Could it be so?
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Yet unanswered now almost 4 years. What the heck color is this? in 1946 Schwinn Catalog sights "Opalescent" colors. It had, not crossed my mind until this bike came up. We or most know of the candied Opal colors from about 1953 Jag, 54 Corvette, American and others that changed into 'Radiant' by 57 or so. And they are Schwinn's 4 coat process. 1; Raw metal dip coat for inside and out rust resistance, then, 2; red lead primer, 3; a metal flake or fleck aluminum in clear and final 4; transparent or translucent 'candy' red, green, blue, and others top finish coat.
However, the paint on this bike doesn't look candied or appear to have A silvery base below the blue. Rather it looks like a solid blue metallic ( solid or thick translucent color that is only mixed or blended in Metallic power. Not fleck, nor flake or glitter, but powered.) So, it does not appear to be 4 coatings but only 3. Or, at best, the 4th coat is not colored but clear.
There's a luster, or syrupy honey gloss in this paint, or a a metallic sheen that is unlike Schwinn's post 1953 Opal and post 1957 radiant colors.
IDK but suspect because there
are only lightweights with it, nobody's cared or noticed subtle differences between 46 threw 1953-ish and post 53-4 Schwinn Opalescent paint.