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That mean the front chainrings have 53 and 42 for the outer and inner rings, respectively. The 12-26 mean that the gear cog on the rear wheel has gears that ranges from 12 teeth to 26 teeth. What this will tell you is when the chain is on the 42 tooth chainring and 26 tooth cog gear, divide the 42 by 26 and this will tell you how many revolutions of the rear wheel for each revolution of the crank, in this example there is 1.6 wheel rev/crank revolution.