So let me start out by saying "please don't hold this against me", I'm going to tell it just like I see it. It's a very nice bike, and IMO a smoking deal for $1100. for the frame, with a free Parts Group included in the asking price.
First the Frameset. It might be called a 50th Anniversary Paramount only because it was built in 1988 (1938-1998). It should not be confused with a True "limited Edition" 50th Anniversary Paramount frameset that has the special finish and gold-plated fork. Schwinn did a Special Edition, and also a Standard Frameset without the 50th Anniversary cosmetics in 1988. The only difference is in the look, nothing is different in mechanics between the two models.
In 1988, Schwinn/Waterford did not build and sell complete bicycles, they built and sold framesets on a "special order" basis. There were more framesets sold in the Western Region than any other area of the country. Dave Staub at Schwin Sales West, in Rancho Cucamonga, CA built assembly kits so dealers could assemble a Waterford frameset into a full bike. The kits included built wheels from Bill Hinkey of Sta-Tru Wheels in Santa Ana, CA. and you could choose the price level of group you wanted, right up to a 50th Anniversary Campagnolo Group. Dealers would stock a few of the more popular frame sizes and a couple of component groups and custom build them for customers. The reason this bike has a Stronglight roller bearing headset (and does not match the parts group) is because it came O.E. with the frameset from Waterford. It's a good part, just not SunTour, Dura Ace, or Campagnolo like most bikes had equipped.
Speaking of Parts Groups. SunTour made nice parts, they always worked well, but they never had the cult draw of Shimano Dura Ace, or Campagnolo. Maybe because they were not promoted heavily in Large Tour Racing at the Professional level. I do not hold that against the bike, but it surely reduces the collectability value.
The frame size is a "good/popular size" since it's in the midrange of frame sizes and fits more riders, hence it will always be easier to resell it.
Caution don't ride this bike with the rear wheel almost out of the fork end.
It's hardly ever been ridden, since it's still got the 37 year old Schwinn Super Record tires mounted! They were made by National bicycle (Panasonic) in Japan. They built Schwinn's high end tire line. Good stuff, but way too old to ride now.
Summary, You have an "almost new" looking 1988 Waterford, WI built "standard model" Schwinn Paramount frameset. In a 53.5 CM (about 21"?) popular size frame size. It has the lower priced Sun Tour Superbe Pro Group, missing the Sun Tour headset that came with the group. I really like the color. They offered about twenty different colors. This is a very nice color but not one of the more popular so you won't see lots of them the same color at the coffee rest stop on your ride.
Almost all road and mountain bikes are sold (priced) without pedals because the rider uses pedals that fit the cleats on his shoes.
John
