I'm sticking with CWC built because of the bottom tank bar being horizontal and the peaked fenders.
I don't think this is 50s though. The drops are wrong for 50s CWC and that rack just screams early 60s.
I compared your serial # to a chart posted over at The CABE. I'm not certain how "authoritative" that is, but it seemed to lean toward 1958 as your year. I could buy that, especially once one throws-in the corroborating evidence (headbadge design, forward-facing dropouts, wedge-style seatpost).
Technically, it's an AMF. American Machine & Foundry (yes, the bowling pin people) had absorbed both Cleveland Welding and Shelby Cycles into their wheel goods division in the early 1950s. Following some ugly labor disputes in Ohio, the entire operation was moved to Little Rock by 1956. This bike was likely produced there, using the holdover CWC design and some parts borrowed from Shelby (chainring).
The thing that clinches the ID for me is the internal wedge seatpost. That is a common hallmark of the AMF bikes from that brief period and I don't believe any other manufacturer used it. Feel free to correct me if I'm wrong.
Definitely late '50s AMF, note the inset 'ears' for the rear fender braces, on the rear dropouts. That chain ring could be Huffy, but there is a cwc ring that's almost identical, used from early '50s to early '60s.
It's early AMF, that is a AMF chain wheel, the version before the star chain wheel. Well worth 60 bucks, especially in good condition. Made in Arkansas. As others have pointed out, the collarless seat stem and drop outs ID it as AMF. The serial number on the BB ID it as late 50's before they put the number on the dropout right around 1960 or so. There's no exact date known from all I've read. Here's an AMF bike someone ID'ed as 1959, same chain ring.