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Your right about chain guard re-paint... research how to clean the light green paint off without damaging the OG dark green or the quality seal... right here on TheCABE. I suggest WD-40 and 0000 steel wool.
 
The following statement [often heard in the real world] is ONLY true when it applies to Schwinn built bikes; all others brands changed @ latter times post war... Pre War Schwinn were all REAR DROP OUT; I believe this is true including 1942. Every Post War Schwinn was a FRONT DROP. [I'll qualify by saying I have no knowledge about the skinny tired road bikes like 'the World' models]. In 1945 Schwinn fired back up; but, I've only seen catalogs with the 'road' bikes [skinny tires]. In 1946 they put out a fine line-up adding the ballooners we all rave about. Take your serial number and go to the top thread of this Schwinn forum and there is a thread about Schwinn Serial Numbers... open and scroll down... maybe 17 pages ? is a green sheet [photo-copy of pre-war serial number ranges... FIND yours!

Onumbers-Znumbers comes out in 1938...
Actually,rear drop outs on all schwinns,cycletrucks were built through 1944,the traditional fish hook drop out,or forward facing,was introduced in 1946,along with the non rattling built in kickstand.

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