Runnin' down a dream... workin' on a mystery...
OK, so I talked to the owner on the Panther III, and indeed he rode that bike one time, and it shifts as we suspected.... automatically with the pressure on the pedals! So it starts out in high gear, and as you pedal and pick up speed, it automatically shifts into a lower gear. When you brake, it shifts back to high gear again automatically. What a cool set up!
Apparently the hub and brake arm are marked, as is the crank, so it looks to be a legit, aftermarket set up by an outside company to Schwinn, not some hokey thing someone devised and threw on there. I will have to go over this weekend or early next week and we'll take it down from the ceiling and I'll get some photos of those parts. I'll also try to get better all around shots for ya'll.
He reiterated that the bike had been in that shop from new and was never sold, he is the first owner. I neglected to ask him exactly when he got it, but will when I see him so we'll have more info & context. I will also find out which town and what state the shop was, maybe some of you old timers will remember seeing it there since it seems it hung in the window from 1961 when it was new until he bought it. (I'm going by GTs58's date here.)
To address the comments that the pedals are the "wrong" pedals for a '61 Panther III and the rack is also apparently "wrong" (three reflector vs. four, do I have that right?) and the badge is somehow incorrect or altered... in the classic/vintage car world these types of changes or upgrades when determined to have been done at the factory or dealer are considered unique and often enhance the value vs. detract from it. (Think Mopar where certain features like the big brakes and hemi radiator were ordered and installed at the factory (or the dealer) on a non hemi car.) If this bike was never sold, and the first time it left the dealer it was in this configuration, it seems to me anyway, that makes it unique and more valuable, not less. In the car world, this bike would be considered "1 of 1". "Correctness" is often overrated, and uniqueness often makes something much more interesting, especially in this case where we have first hand testimony that it's how it left the dealer the very first time it was sold.
This two-chain, two-speed set up is totally unique, and sets this bike apart from all the other Panther IIIs out there; add that to the rack and pedal changes made at the dealer before it left there the first time, and well, here sits a bike like no other.
Thanks for all the comments... stay tuned for the brand and photos of the hub & crank markings. It will be very interesting to see who made this set up. I'm wondering why we have never seen it before.