That reminds me a lot of my old yellow Sears Free Spirit, a $10 yard sale treasure(?). I converted mine to downtube shifters with open cables and a 16-17-18-19-21 corncob to go with the 52-39 up front. I intended it as a theft-resistant bike to keep at work for lunchtime errands, but it got stolen(!) from the bike racks at the rear/guard entrance of our building.
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"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069