Terry wheel sizes depended on the frame size. The 700C/24" sizing was popular with very small frames, where the smaller front wheel allowed a lower, head tube that could be built with traditional lugs and also provided less toe overlap with a shorter top tube. Larger frames used conventional, equal sized wheels.

Terry did have bicycles contract manufactured in Japan, reportedly by Tano, who also manufactured Centurion. The format is the same as used on the Tano manufactured Centurion, except that the prefix is an 'S', as opposed to an 'N'. I'm not aware that Tano had unique prefixes for each customer but it is possible. Regardless, it appears to be a 1988 model and I have no reason to believe it's not a legitimate Terry.

The fork has a generic Tange CrMo decal because their #1 though #5 tubesets all used the same fork blades.