I'm guessing repaint as well. The right chainstay should be chrome. Waterford should be able to tell you which set of decals were original to a September '84 Paramount.

Stan is correct about the lower prices. A Paramount identical to mine, offered by the original owner, did not meet the reserve, and ended at $405, earlier this week. Granted the seller had few feedbacks and did not do an adequate job on his description and photos.

http://cgi.ebay.com/ws/eBayISAPI.dll...m=290299449940

Interesting aside about early Waterford built Paramount Serial numbers: My May '83 Paramount has the serial number stamped into the left rear dropout, just like the Chicago built ones, albeit done with a smaller set of stamps, and is much neater. Yogurt has one with the same rainbow decals, and there is no serial number any place on the frame. The OP's was built in September '84, the number was moved to the BB shell, BUT, Waterford still used the old Chicago system.

When did they start using the elongated numbering system?