I agree they are definitely collectible, however note that the Continental was introduced in 1960 as a 10-speed model (even the link you posted shows a 10-speed model) while the Varsity was introduced that same year as an 8-speed. These are the 1960 catalog pages:



It appears to have a ding in the top tube and the saddle is not original. It also has the smallest size 22" frame. Another interesting observation is that it has cheaper Varsity pedals, however they may be original to the bike since according to a dealer bulletin in early '72 Schwinn temporarily substituted Varsity pedals on Continentals for a short time due to a shortage. Normally the Varsity came with Union made steel "Schwinn Approved" pedals while the Continental (and Super Sport, Sports Tourer) came with higher quality Atom 440 pedals.