I think the Penguin badge may have been used by a department store. We had JC Penney, Sears, Montgomery Wards and Weinstock's (regional) in Reno. Do you know what bike company made your Penguin?
Thanks!
If you have a chance to send a few pictures, I would love to compare it to pictures of mine.
If I find out anything else, I will post here to let you know.
Thanks!