I don’t think that any of these frames were actually made during the War years, ie 1942.
So the serial number shouldn’t be given much concern.
It’s the Livery that tells you what years these bikes were assembled in, and this bike was clearly built in 1942.
No chrome plate, no rack or tank.
Deluxe trim like the big guard and fenderlight could be supplied until supplies ran out.
They even stated, that a Torrington U bar would be supplied once the SweptBack bar supplies were exhausted.
Schwinn never used a U bar on any of there models, except those surplus bikes they built in 1942/43.
So, just to clarify.
These parts were all created sometime during the last production run of 1941, but the bike was built for delivery in 1942.
So it fell under the defense restrictions and was built omitting the materials that were being reserved for defense purposes.