That is a Schwinn World. Schwinn used that name throughout it history on various different bikes. This one was built by Giant in Taiwan in the'80's. I worked in a Schwinn dealership when these were sold and being the bike snob, I dismissed them as low end. I picked one up a few years ago and was surprised at how good a value it was. At only $1 it is an incredible value! It is low end which means steel rims, seat post, stem, handlebars and lower end components. The frame build quality is excellent for an inexpensive bike. The bike rides well. And those steel rims are pretty good as long as you don't have to deal with wet braking.

The paint on the World was better and more durable than the paint than the paint that Schwinn was applying in Greenville, MS at the time. This is just my opinion as a collector. Schwinn knows how to paint, but they were trying to build bikes on a budget and paint was one of the things that they skimped on. Although to be fair, many of their competitors had similar paint. Back to the World. You got a nice bike there. With a little fixing up, you should enjoy it. And lock it up. Don't let someone get a better bargain than you.