it's blue not a Phantom ... not an expert, but doesn't gap tooth indicate 40's, predating a Phantom?
key lock springer front end and other details very similar to a Phantom.
again not an expert, but sure looks in original un-molested condition.
note cut-out on left side of fender and rear brake lever arm transferring braking forces near bottom bracket.
this bike appears to have features allowing mounting an engine.
Serial # D 33422 (1948?) please help identify ...
http://www.angelfire.com/rant/allday101/SchwinnCodes2.html