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Interesting badge situation

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Not sure, could've of been one of many depending on hole spacing. Here's a few with horizontal holes.

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Hey Barry, I was thinking the original badge would be a Schwinn issue and not a different specific jobber. Maybe the bike was acquired from another store and then they replaced the badge? @barneyguey
 
Here's another one with horizontal holes I forgot I had. The ones I posted are only some of the badges found with horizontal holes.

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Hey Barry, I was thinking the original badge would be a Schwinn issue and not a different specific jobber. Maybe the bike was acquired from another store and then they replaced the badge? @barneyguey
Yes, one possibility could be if a shop bought out another dealer. Some shops were only in business a year or two. Also a lot of shops rebadged the used bikes they sold.
 
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