That's an oldie for sure. Those old Campy set-ups bring good money on eBay pretty consistently. 1938 is possible as I agree that this bike has the older "Cambio" setup. The frame must have the proper dropouts so the bike and the gearing are not really separable.

From what I've read I think Bellabici's analysis is right. Tullio C hit it big by designing/patenting quick releases in the 30s but during that time Simplex and the British "Cyclo" were the preferred changers.

I too thought "Gitane" when I first looked at the headtube but I believe Bellabici (nice tag btw) has got it right.

Racers of that vintage and in this apparently good shape are rare and are a treat to see. Hopefully that bike'll end up on display somewhere. I hope TOC posts some really detailed pics on a website (hint, hint ) before this bike goes to its eventual home.

I'd love to think that that home would be mine but I don't think the spouse would let me hang it from the wall in my living room.