Got my hands on a "new" Raleigh loop frame.
I think it is an early DL-1, but not sure.
The SA AW hub has no date stamp and says "patent applied for". Does that mean it is 1936?
This bicycle is all original, with quadrant shifter, full chaincase, glass rear reflector, Terry saddle.It is a compact frame with a lugged connector between the looped top tube and downtube.
The frame is rusty and the wheels even more so, but the hub, shifter and rod-brakes are in amazing, ready-to ride condition. Some photos below.