A little history here on this bike. Three of these experimental Excelsiors (1921-22) were made. They were very fast and dangerous. In testing a guy crashed at over 100mph and died. Ignaz Schwinn (owner of Excelsior at the time) felt so bad about the death that they smashed all three of these bikes. This picture is about the only known information on this model. In the picture that is probably Ignaz Schwinn with the three racers.