Well, you got a bargain for $5.00 no matter what it is.

To figure out what it is, we'll need the serial number (found on the left rear dropout, the headtube below the headbadge, or on the bottom of the bottom bracket shell). Also, look closely at the headbadge for four lightly stamped digits. If they're there, they indicate the assembly date. The first three digits are the day of the year (001-365), and the fourth digit is the last digit of the year (the decade is determined by the components and frame decals).

The tabs on the front forks are called "lawyer lips" and are there to prevent the front wheel from departing the fork if the rider doesn't know how to secure the quick release skewers.

If you want to look at Schwinn catalog scans to compare components on your bike with different Schwinn models, CLICK HERE.