I checked my old 48 dx and my newer chrome fender 60s schwinn 3 speed curved bar and both front fenders appear to have a screw that threads up into the bottom of the fork. I suspect this one is supposed to do the same and someone bodged it. Then they tried to repair it by using metal square and some kind of press fit thing mushrooming it to the fender.
Not sure on this but honestly i dont know how it could be anything else.
I may have to drill this out to remove it. It is already a bit loose around where the mushroomed bit is in the fenders hole. I can probably grind away the mushroom and get the fender out that way. I just hope i can unscrew the bit that goes up into the fender so i can replace it with a proper machine screw or bolt.
This pic is horrible but you can see the square...perhaps expoxied and the "pin" mushroomed out in the middle.
View attachment 659689
once i can get this off i can work on getting the stem out. I have been soaking it for the past 2 days in kryoil and pb but it wont budge. The crown nut is off and the stems bolt is gone meaning somone else either removed it or it is broken off down inside. The stem itself is rusted to the inside of the fork it seems.
i too a really long punch and put it down the stems hole.....it appears to go down past where the wedge would be so i dont think the wedge is preventing it from coming loose. I sure hope i can get it out. without wrecking the fork in the process. With the thickness of the fork legs and some proper leverage near the fender mount i am hoping it will come loose.