It's pretty, but it's not a Paramount. Schwinn never used those lugs on a Paramount, and never used a seat stay treatment like that at the seat cluster. Also, the serial number doesn't conform to any of the Paramount numbering schemes, and the s/n location is wrong. Very early Paramount numbers were on the BB shell, and then moved to the left rear dropout, and finally back to the BB shell. The bike in the photo appears to be sixties or seventies vintage, and those bikes had the serial number on the left rear (non-driveside) dropout.