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Early Raleigh?

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COB

Wore out three sets of tires already!
Can anyone help me with the identification of the year of this rod-brake Raleigh? In what information I can find, it appears to be prewar but I cannot find and exact match for the serial number in the charts. The serial number is stamped at the top of the seat tube on the left side and appears to be the letters "AE" stamped above the number "94280". Both hubs and the bottom bracket have oil ports. The shift lever is marked "Low -N- High". Any information would be greatly appreciated.
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Don't bother with the frame serial number. Go to the rear hub shell and look for a model name and a date code. The model name will be a letter or pair of letters. The date code will be a series of numbers representing the month and year of the hub. The bike would be built a few weeks or months after the hubs. Off hand that looks 1930s to me, but the hub shell date on the rear hub may help you more.
 
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The rear hub appears to be marked AW 0. Those are the only markings that I can see other than Sturmey Archer and patent applied for.
 
AW 0 would be 1940. The AW started in 1936. Single digit codes were used from 1936 until WW2 halted production, probably some time in 1940. That seems consistent with the bike.
 
How about just AW? I have one.

What does the hub look like? I've heard of a couple people coming across hubs with no dates. They dated to the 1930s based on the features and the rest of the bikes they were on. There are some AW hubs from the late 1930s that were marked AW without a date.
 
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