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Hello Ezgoing469 and welcome to the forum.
The Schwinn Varsity model launched in 1960 as an eight speed bicycle so if your machine is a Varsity is cannot be from the 1950's.
"safety levers" did not appear prior to 1970.
Readers would be able to give you more and better assistance if you could post some pictures of the bicycle.
Member @
Metacortex will be along momentarily with far better help.
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