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1st post w 55 Hornet

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Agree with the others, that bike will look killer cleaned up and and ride like a dream after servicing all the bearings. Go slow and you will be amazed what you end up with. Just take a look at the 55 phantom tread and see what can be done! Joe
 
You could try polishing compound and cheese cloth or polishing rag and light pressure?
 
Great deal, congratulations! Single edge razor blade or #11 X-acto blade on the wheels to scrape rust off (but don't dig at it). Use w/some WD 40 to help glide the blade slide along. Crumpled up aluminum foil and and water to polish chrome on wheels (or anywhere else). Will not dull finish like steel wool will. Wax all sheet metal, tubing and wheels with automotive wax of choice on bike once it's cleaned.
 
Welcome to the Cabe! I too was bitten by the straight bar Schwinn Ballooner bikes. I have ,,,, uh 7 no 6 now ,,, sold one. But the Panther & Hornet are by far my favorite.
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1956 Schwinn Deluxe Hornet.JPG

Here are a few I restored & some motored. Roger
 
I used wd40 and a rag. Then I used polishing wax. That was on a 36 Elgin that I though had no paint left whatsoever. The wd40 took the grime off, and the polishing wax brought the red and white paint back to awesome, without hurting a single pinstripe. Yours looks to have the majority of its paint, so you will probably have an amazing bike once its cleaned up. Definitely would not repaint that, and I'm somebody that ain't afraid to repaint something.
 
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