Hub was on a 1962 schwinn dlx american. I bought the bike off someone on offerup. When i bought it, son of owner actually turned the bike over to me since dad had an illness at the time so i can only assume it was original to bike but cannot say with certainty. The wheel is laced to a center stamped S7. I just bought a set of center stamped S7 and was going to replace original wheels on 1962 american and wanted to know what should my 62 dlx american should have.
That is the correct hub, just in poor "bearing" condition if you're planning to respoke the wheel. Maybe just ride it until you find a better 36 hole Excel front hub. It's not a Schwinn specific part. If I remember correctly, it did not use the usual Schwinn metric threaded axle, but a normal 5/16" by 24 thread axle.
This is the first time I've seen a hub like that on a Schwinn. So that's an Excel hub? The American had the Schwinn script front hub from day one. I've never found any Schwinn lit saying who was actually making their Script hubs starting sometime around 1962, so I'm assuming it was Union. They appear to be identical other than having Approved on them. The American Heavy Duty had the Bendix front hubs.
Your correct, Union made a ton of standard .080 spoke gauge Schwinn front hubs, and they were great quality. Most that I've seen are stamped Schwinn Approved. The Excel hubs were a step down in quality form the Union made hub. They were like a Wald Hub. I would assume that the change in sourcing was based on the "American Made" issue, and they really had no other option short of stamping out more of the very expensive to make Schwinn Deluxe hub with replaceable bearing cups.
The later Heavy Duty bikes used Union HD hubs, and finally you saw ACS HD hubs on Heavy Duty, BMX and Cruiser models.