JC Higgins model and date help please

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Hello Newbie here, today I picked up an old 3 Speed, JC Higgins bike (made in Austria) that I would like help with the model name and date of manufacture. The numbers under the crank housing are as follows(I think)503 46420 & 1507036(the 5 may be a 6). I found no other numbers on the bike. No numbers behind the brake calipers or on the rear hub or right handle bar or on the drop downs by the rear axle. I have included pictures which I hope help I.D. the bike. I would also like to know what type of oil goes in the rear hub and crankset(there are oil ports at both locations)? Any help is greatly appreciated.
 

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SSG

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What is the number in the circle on the front hub, that could be a date code. There should be a date stamped on the middle of the bottom bracket spindle, but that's a lot of work just to look at.
 
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I believe the number is 66 but that doesn't make sense as far as Sears no longer using the JC Higgins name past 1963. Maybe the number is 60? I'm not sure what you mean by the bottom bracket spindle? Are you referring to the crank?
 
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Someone from a different Bike forum sent me a 1961 Sears ad that has my bike. The only difference is, mine has a chrome chain guard and the ad has a painted chain guard.
I am looking for suggestions on what to do to the paint on the bike. I like the current patina but I don't want it to get any worse. In addition, I've steel wooled (extra fine) the wheels and fenders and would like to keep them from rusting any worse. Any suggestions are appreciated.
 
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