The Series Paramounts were not Paramounts in the traditional sense. Many believe you have two groups of real Paramounts, the 1970s and before, built in Chicago, and the early 1980s and later, built in Waterford, WI. Its certainly debatable.

The series Paramounts were all imported bikes, some from China, some from Taiwan, and the highest end, from Japan. Series 7 was the highest of the steel models, Series 2 the lowest. Higher models would also have progressively better components (OK, there was a Series 9, one year only, CF model, made in USA). I've had series 3, 5, 7, 9C, and 70 (they had mtb models from a series 20 to series 90).

The "real" Paramounts did not have a pecking order, they were all the top model in the Schwinn product line.

IMHO, Schwinn under equipped the series Paramount product line from a component standpoint, in part perhaps to keep room between the imported models and their USA made bikes. For example, the series 2 came with Shimano 500EX components (nothing special). Series 7 and 9C came with Shimano 600. If I were "king" I would have put Dura Ace on the series 7 and 9, 600 Ultegra on the series 5, and I would not have had a series 2 or 3. I would have left Campy as the group of choice for the Waterford bikes, still providing some differentiation.