That hex head bolt in the seat post clamp authenticates the real Phantom theory. Schwinn ran out of the AS bolts and just used what they had to keep the production line going. Although it's not depicted in the catalog pictures, it is correct.
Multiple items depicting a home made bike besides what's been mentioned. .. that sticker on the chain guard is not a decal it's an sticker. The photo is good enough you can see the paper or vinyl. edges. so, expect it's fresh paint, not a 95 repop nor 50's. I didn't even know anybody made stickers but it is. . the seat post is not a replica but older cad plated, I'm betting 60's. The sprocket; Schwinn logo is repop version, sloppy and cheap. Soft metal is why the edges of lettering are raised. early Schwinn would have ground the high edges off, if needed but, hard steel would be cleaner so, no raised edges like this. . . . The crank is older but it could be from most any 50-70's year. The repop cranks, if had those Knicks and other wear in em like this one, the rust would grow fast! it's older plating . can't see the front but the rear fender is a wald. sure fire not Schwinn fender is because Schwinn's fender brackets, the flat is usually less than 3/8" exposed This is wald's or plain jane china.. If front fender has that type of flat exposure then, guarantied the fender light is the replica flat screw-on deal. That seat is not a repop phantom nor old. that bike is something scabbed together. I don't think that frame is a repop but next time you're there just look on bottom bracket, 1995 repops have the 100th anniversary embossed on bottom. if it's not there then nothing is real. Just a mix of parts, paint and repop and replica stuff. "Restoration" on any old Schwinn frame.
Not that there's anything wrong wit dat but, it's not 'authentic', it's an 'decoration', nostalgic item. ' And there's no law again dat; decorations.