Never seen a Schwinn painted that way, but it was "approved" by Waterford.... Early Paramounts can fetch a handsome sum, what hurts this auction is the high starting bid, action will come late, perhaps in the last 15 seconds, if it does.

I would conjecture a "chromed" frame painted over.

To outfit this bike fully, 151 cranks, steel Record rear mech., cable stop front, pre Record hubs... will cost quite a bit. If the parts are to be found on the open market today, it could drive up the full bike price to $4k or more, and the parts would not be NOS.

That is the trick when rehabbing an old bike like this, the frame looks showroom new, (or better) worn parts just do not look congruent.

I am helping a friend with a '63 Paramount, we have been lucky in locating bits, but it will cost over $3.5k probably when done and non worthy parts sold off.