That's a beauty you have there - a '59 Paramount P-12 standard. There's something about the pre-chromed-frame Paramounts that gives them a unique character all their own.

The rod-operated Campy derailer is a Gran Sport. Campy GS was stock on the Paramount in the late '50s/early '60s. All the parts you have there are correct and stock for the Paramount P-12 with no extra-cost options (Campy Record cranksets were optional).

I do note that the Weinmann calipers are model 500 sidepulls. My '61 P-12 has Weinmann 999 centerpulls, so I gather that Schwinn changed specs. on this detail between '59 and '61.

To answer your question, yes, this machine has collectors value, being Schwinn's highest-end roadbike at the time.

That said, your next step should be to put the whole thing in a box and send it to me ASAP to join my 1961 Paramount P-12! Just kidding, of course...although I'd take you up on it Funny thing, my '61 is pretty much identical to yours down to frame size and bare-bones options. Only difference would be paint color - mine is Coppertone.

Seriously, I would suggest that you attempt to clean the original paint, to see how well it has held up. I'm always one to prefer leaving original paint intact, even if chipped and scratched in places. Frankly, I believe repaints rarely capture the character and depth of the original factory paint...and repaints that DO capture the character of original paint will probably cost you more then the frame is worth.

Here's the failproof 3-step Meguiars system that I always use to bring paint back to an unbelievable shine (it'll also take those grime streaks off while you're at it):

#1: Apply Meguiars Scratch-X with a slightly rough cloth, work it in vigorously. Remove with smooth cotton cloth.
#2: With a clean smooth cloth, apply Meguiars Polish equally as vigorous to the paint, and buff off immidiately with another clean cloth.
#3: Apply Meguiars Carnuba Wax (or any other quality Carnuba wax).

At this point, post progress pictures here on Bike Forums. Next up will be polishing chrome components and repacking bearings!

By the way, your '59 is the 41st Paramount to be built in '59. The '59s set the frame-design standard for the '70 Paramounts to follow. Read up at the Waterford link that Bob gives. It's worth it.

Take care,

-Kurt