Educate me please
 

What is the difference between a single speed and a fixed speed? Seems like they should be synonymous terms. Am I correct that they are preferred for city riding and wouldn't be real efficient on hills or rolling terrain? Is their major attribute the reduced maintenance in relation to multi speed bikes? What was my 1950s/1960s Schwinn fat tire with no gears and coaster brakes considered?

Thanks in advance for not attacking my lack of knowledge. LOL

single speed = coasting
fixed = not so much

Fixed gears are a sub set of Single Speeds. Single Speeds have 1 gear and a rear free wheel where as Fixed Gears have a fixed rear wheel.

They are great for city riding and are, in fact, very efficient for hills (within reason)
Reduced maintenance is a big selling point, but by no means the only, or even the biggest, one.

Your Schwinn would be considered a Single Speed w/Coaster Break

The LOL at the end has me thinking I might smell a troll...

Not at all...Just self depreciating laugh at myself.

fixed isn't as bad as you might think on hills and rolling terrain. many people find the ride more rewarding and the pros outweigh the cons.

http://www.sheldonbrown.com/fixed.html
http://www.sheldonbrown.com/singlespeed.html

hey Zip, the coaster circle should be inside the freewheel circle, it is a type of freewheel