Here is a bike i have just got and i think it's dated from the late 40s into the 50s.
At some point it has been updated with CYCLO derailleurs.
It has the early M.A.F.A.C cantilever brakes and levers and MAVIC fenders.
It is missing it's JOS lights front and back but still has the dynamo.
The frame looks nicely made and the big rear rack is brazed onto the frame.
The front rack has had the rear part removed or snapped off.
The TA chainrings appear to of been added later as well.
This is how i received the bike and as you can see it needs some work!