This is ratty and classy at the same time..Me back in the day about 1963. This was the first bike that I ever rebuilt myself incliding respoking the wheels. It was a early 50's Schwinn 20" straightbar frame. I was saving my money up to buy some highrise bars and a banana seat. Never heard them called pig bikes. They were often refered to as Polo or banana (nanner) bikes then.
A little later after I had the handlebars and the seat.
A 1955 20" canti frame Schwinn that I did for the kids buildoff.
Thanks!!!