That, my friend, is a Black Phantom. When I was thirteen years old in 1955, it was the bike every kid I knew dreamed about.

Schwinn cantilever frames were made by the millions, but it was the springer fork, chain guard, chrome fenders, luggage rack and paint scheme that made it a Phantom.

In 1995, Schwinn built a limited edition replica of the Black Phantom and immediately sold them all for $2500 a pop.

As recently as 2000, the Schwinn catalog featured a page of "cruiser accessories" from which you could build a Phantom look-alike.

EDIT Looking closely at the photo, the chainguard, lack of headlight on the front fender, and Schwinn font on the tank would indicate it's probably a late nineties "Cruiser Deluxe", not a Black Phantom.