Just picked this up the other day with a bunch of other bikes. The guy I bought it from was the only bidder on it at a farm auction in Eastern Colorado. He got it for $5. I quadrupled his bold investment and gave him a crisp $20. Under multiple layers of bad paint I found the SN of E06418 (8-25-1948). You can tell it lived its rough life on a farm and was repaired like any other piece of farm equipment. The chain guard is home made and welded on. The rear axel nuts are welded on. It has a non Schwinn skiptooth, possibly Elgin? I have no idea what to do with it.
