Alright, well I think I paid way too much, but I got a Schwinn Racer from a guy that I just met (who incidentally seems fricking sweet). Talked him $15 off his asking price for it. He says he was told it's a '58, and I'm not sure. Can you pinpoint the age on these things? The headbadge has "wings" instead of the straight oval, which might lend a hand. if it still had the Sturmey hub, it would be easier, but some time in its history, the rear wheel was swapped with a Sachs Duomatic hub with a 590 rim (I think). The front is the S6 (597) original with Schwinn branded hub (and reflectorized shiner!).
Given the quality of this thing, I'd have to say that, were I buying a cruiser style bike new in 1958, I'd be really hard pressed to choose between the Schwinn and the Raleigh. But then again, they both ride like a truck. Anyway, on to the pics!
So far, it seems that the rear wheel (and hub) and fenders aren't original, as the rear fender is too short to hit the kickstand mount. hmm...I'm tempted to strip the fenders and just use it to bomb around, but the duomatic lends a great argument to keeping the fenders, fabricating a mount, swapping the front wheel to 590's and using it for a winter beater.