I’m going to guess Euzkadi badged Schwinn bikes, perhaps ?, were sold somewhere in Mexico at one time because of the Euzkadi Tire Company connection as Barry pointed out. There is nothing to prove this assumption unless there is related literature or a person involved with Euzkadi or Schwinn or Mexico from that time could elaborate on this.
My OTHER guess is that these badges were a stash of leftover NOS badges that were not destined for bikes and are now scarce badges in the hobby.
As far as color combinations, I wouldn’t read into symbolism and just chalk it up to another choice of color.
Here is a pic of my Euzkadi badge.
s
My OTHER guess is that these badges were a stash of leftover NOS badges that were not destined for bikes and are now scarce badges in the hobby.
As far as color combinations, I wouldn’t read into symbolism and just chalk it up to another choice of color.
Here is a pic of my Euzkadi badge.
s