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What did I buy? Schwinn?

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I doubt much is original on the bike besides the frame and front hub matching eras. The fender rivet spacing is too narrow for Schwinn, seat is later, headset is later. Sprocket is not Schwinn. It's been touched a little bit of everywhere. Can't really tell for sure what the fork is, would have to compare it next to another early 40s fork.

A good cleanup/tuneup and a matching pair of rims and I'd ride the crap out of it! The pinstripes definitely have their charm, even with the rust.
I am probably going to strip the parts off and use the frame as a klunker with some modern parts
 
Manual 2 speed came out in 58. About the only thing that is correct with your prewar DX frame is the front hub. Let’s see the serial number and a photo of the other side of the hub.
Posted photos with serial number
 
Is that head badge too new for this bike?
Yes, it should have had the small screw pattern badge. Take the screws out and you'll probably see two pairs of holes under the badge. I suppose it's possible that a department store badge could have been used that early...like Columbus Cycle, but I'm not sure how early those badges ran.
 
Serial # places it as a 1940. The bike appears to have some post war Rollfast parts on it and the fork might be a post war Schwinn blade. I’m unfamiliar with the diamond stamps above the # though. The DX frame has limitless possibilities to build something super cool. Your front hub came out in 40 and usually sells for $250 -300 if you don’t intend to use it on your build. Have fun!
 
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Serial # places it as a 1940. The bike appears to have some post war Rollfast parts on it and the fork might be a post war Schwinn blade. I’m unfamiliar with the diamond stamps above the # though. The DX frame has limitless possibilities to build something super cool. Your front hub came out in 40 and usually sells for $250 -300 if you don’t intend to use it on your build. Have fun!
Wow! thank you for the information! I bought this to build a klunker / rider. I was out buying parts for an 80's bmx bike today and this was there also.
 
My other old bike

RdMstr_1z.jpg
 
Yes, it should have had the small screw pattern badge. Take the screws out and you'll probably see two pairs of holes under the badge. I suppose it's possible that a department store badge could have been used that early...like Columbus Cycle, but I'm not sure how early those badges ran.
I’m also curious to see what’s under the badge. The CCS badges have a slightly different hole spacing than what has been added for this large oval. The large oval began in 50. My bet is this had a shield badge which I believe will cover the extra set of holes that have presumably been added.
 
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