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Has all the hallmarks of a post-WWII Paramount, but for the seat stay caps. Two possibilities: it was not unheard of for seat stay caps to detach...possibly a repair that added a bit of a flourish? Or second, the transition from ball-end to flat angled seat stay caps occurred in that postwar period, first on track frames, then on tourist and eventually road frames...maybe an experiment during the transition? I'd opt for the first option, as I have not seen any other Paramounts with similar treatment. If the frame has a serial number stamped on the BB or one of the rear dropouts, that could help confirm it's a Paramount, if the number follows the expected syntax (A### or P### or simply ###). Attaching three Paramounts with seat stay caps either missing or repaired....
I looked at the left rear dropout, and no serial #, but there are some marks on the BB shell. It isn't mine, so limited access.
Seems like it was repaired, thus the different look. Both seat stays are likely replaced.