We sold both Frejus and Legnano bikes back in the mid 70s. On the models that we sold the frames were made of either Reynolds 531 or Falck tubing throughout.

The Reynolds frames had a decal on the top tube, the Falck frames had no ID.

We brought in about 3 grades of these bikes: steel cranks with cheap Campy derailleurs and Gnutti hubs; steel cranks with Campy NR derailleurs and Campy Nuovo Tipo hubs; All Campy except for Universal 61 center pull brakes.

We'd get in the low end models with Reynolds frames as well as the all Campy bikes with Falck frames. Having ridden all of those models, we could never tell the difference between the Reynolds and Falck frames.

Our view was get a bike with a good frame and wheels plus whatever components you could afford. You could always upgrade the components later...

The bike in question looks like a lower level model from the late 60s, early 70s. It could be Falck tubing or who knows what??? The lugs are the give away.