Continuing with cudak888's theme of what "is" and what "is not" a "real" Paramount, I'm certain this listing for a Paramount is truly not a "real" Paramount.
What it is, I'm not certain. The pictures are bad and it might not even be a Schwinn. The serial number is the biggest problem. Also look at the headbadge. Is it missing the screws?
http://cgi.ebay.com/Vintage-Schwinn-...item4a9bd7dfbe