Lugged Magna?

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obviously new Magna bikes are mostly big box store junk, but what is the story on this old Magna? I snagged it up at goodwill, because it was ready to ride at $15, but is it anything special? Was Magna a respectable bike during these days? Serial is "40304923" before paint and a "2" after paint: 1972 maybe?
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FYI, the baby seat in the background came on the bike.
 
I know nothing about Magna bikes...but it looks very nice.
That's not a lot of work, to make this bike better.
 
I don't think your roadie was made by the same Magna company as the current department store bikes. At any rate, that is a very nice looking lugged frame. You can ride it as is or make a fixie or hybrid with it.
 
He's right, not the same Magna!~That frame looks really familiar, like a Panasonic? Anyway it was probably made for them.....Probably a good frame!
 
That is a great looking bike. I like the head tube logo. It does look lower end because of the cottered cranks and the stamped dropouts. It will work fine because it is in good condition.
 
I did see a lugged Magna 10 speed bike recently. It was a blue step through frame with drop bars and 24 in wheels.
 

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