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Was given an antique Schwinn and don’t know where to start

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I’d say repair because Schwinn did very little in the way of bike production during the war.

No Balloon models were produced during the war. Only Cycle Trucks and New Worlds.

Schwinn's Total Annual Production

1942 - 112,859...........6364 were Cycle Trucks
1943 - 16,385.............10,214 were Cycle Trucks
1944 - 18,929.............10,214 were Cycle Trucks
1945 - 98,185.............No Cycle Trucks produced
 
Welcome with your new project. If you search the site you will see what others start with and decide how you want to proceed. If it has family sentiment then it's worth fixing up. It would be considered a somewhat plain frame Jane ( as in basic gals model) so doesn't have much of a collector following, BUT if you dig it, and it rides well after some fixing up, it's a good start. Gals bikes are generally not as abused as the guys rides so more of them remain more complete and original. Therefore more of them out there. Many folks ( especially elderly) prefer a step through frame ( no top bar) so "gender" specific is not a HUGE factor. The CABE has all types of levels of what people like so there are no rules or "bad bikes" just whatever makes you happy and helps you enjoy the hobby.
 
It's pretty much, mainly a frame. On the side: Waz-sup-wit-dat color? Ebay photo has it, I have a 41 girl CWC Western Flyer and yours too. Must have been like, an over stock paint sales in the 50-60's. :)

Anyway, the wheels, front is probably from a CWC the rear maybe a Huffy or Murrey drop center or, because that Bendix is wrong for year and I expect the rim is from another manufacture potentially from the 60's.

Seat I guess U no already, fenders, chain guard handlebar don't belong. The goose neck, (Stem) can't say for sure but looks like a late 40-50's Wald that is found on Schwinn occasionally and CWC . Pedals appear to be 60's. Kind of thinking the chain wheel and crank may not be pre-war.. Fork is not period either and IDK for sure for the size but, the fork could be a post war Schwinn or CWC.

So, if you intend to restore this frame, ya got quite a task. And yeah, that weld on seat post is strange. The color looks like it may be lead but not all Schwinn have lead to make em smooth. Yet, very strange B/C it looks like it was molten and squished on for the oozing up like it is. . Probably just grind that down unless it's cracked.

As far as the model goes, at this stage, it can be any model you chose it to be. Moreover, get her to ride, and getty-up!
 
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Welcome with your new project. If you search the site you will see what others start with and decide how you want to proceed. If it has family sentiment then it's worth fixing up. It would be considered a somewhat plain frame Jane ( as in basic gals model) so doesn't have much of a collector following, BUT if you dig it, and it rides well after some fixing up, it's a good start. Gals bikes are generally not as abused as the guys rides so more of them remain more complete and original. Therefore more of them out there. Many folks ( especially elderly) prefer a step through frame ( no top bar) so "gender" specific is not a HUGE factor. The CABE has all types of levels of what people like so there are no rules or "bad bikes" just whatever makes you happy and helps you enjoy the hobby.
Considering it isn’t anything special, it’s actually kind of a relief. I’d love to take a shot at restoring it, and since it isn’t rare/valuable, that means whatever I do to it won’t really change anything. I’m definitely going to give it some new paint, clean it up, and probably present it to my fiancée since she loves retro stuff like that. Thanks for the help!
 
Considering it isn’t anything special, it’s actually kind of a relief. I’d love to take a shot at restoring it, and since it isn’t rare/valuable, that means whatever I do to it won’t really change anything. I’m definitely going to give it some new paint, clean it up, and probably present it to my fiancée since she loves retro stuff like that. Thanks for the help!
Great gift idea. Unique and means something after you have spent time on it. 1 of a kind. Cheers!
 
After everyone had chimed in with their 2 cents, I took another look at the picture. Someone probably had a difficult time putting that rear wheel on. It appears that the fender braces were put on the rear axle then the entire “unit” was put on the bike. Fender braces do not go inside the drop outs. The front edge of the fender should be attached to the frame at the bottom bracket.
 
The wheels or proportions look a bit off.

The rear wheel, with the 1960’s or later Red-Band, looks like a very-tight fit, (too big?).

The front wheel looks undersized for the forks, (or are the forks a larger size?).

The fender braces (front, rear, right, left) all look okay to me.
 
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