Originally Posted by T-Mar

The OP's new photos shows the pre-1950s, round headbadge with the horizontally aligned holes, while the early 1950s used the keystone shaped headbadge with two vertically aligned holes. The spacing on the latter is wider than the on the former, so there should be evidence of the holes if it's from the early 1950s. I'm not seeing anything from the outside (see attached photo). I guess they could have been filled in by the previous owner but there should still be evidence of them if the inside of the head tube is examined. I'm not not sure exactly when the badge style changed but it was sometime during the 1948 to 1950 model years.