Looks like that paint is VERY thick - should be stripped down to bare metal and you might even find a serial number under all of that paint. Looks like it deserves a better repaint regardless.
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'75 Fuji S-10S bought new, 52k+ miles and still going!
'84 Univega Gran Tourismo
'84 Univega Viva Sport
'86 Miyata 710
'90 Schwinn Woodlands
Unknown brand MTB of questionable lineage aka 'Mutt Trail Bike'
Plus or minus a few others from time-to-time