Looks like a pre-war bike to me. 1939 is correct for the hub. Most of the paint is original. The silver, I think, is a re-spray someone did and is not original. Black paint and red pins should be original from the look of it. Seat post is a "gallows" post, correct for pre-war and 1940s era. I'm not familiar with that headbadge, but it is very typical of the pre-war bikes. With the gallows post and pre-war equipment, they ride differently from the 1950s and later bikes - more upright and not quite as "sporty feeling" as a DL-1 (if you can believe it - they're very much a basic, utilitarian bike with an upright riding position, even compared to a standard 1970s DL-1). The brake levers are kind of a peculiar shape, but the pre-war bikes show a lot of variation in the handlebars and lever. Elswick/Hopper had some weird rollers in that style back in the day. It's a good bike and should clean up nicely. You'll need to be patient truing the wheels - make sure you have penetrating oil and a little heat in there before truing. Those brass spoke nipples strip easily if you're not careful.