I just picked up a very nice old Raleigh M80. Need to raise the bars 1" to 1 1/2". Ahhh, so now I find out this is an old 1" threadless system (Head or fork tube is 1" o.d., stem is 1" i.d. on the bar and the tube ends) and everything I'm finding out there is 1 1/8". Are there 1" stems or adapters ? How can I raise the bars?

Yes, they are common and safe. Many stems used to come with them.

You have 1.5" of steerer to raise the stem that much?

There are lots of extenders for 1 1/8" steerers, but not for 1".
You can use this 22.2mm quill to 1" threadless adapter though:

https://www.ebay.com/itm/374414170702

The only caveat is that you won't have a way to tension using the tension cap. You just have to push down very hard while tightening the quill bolt. If you really must tension with the tension cap, you can use a 1" BMX seat clamp:

https://www.porkchopbmx.com/mid-scho...-1-silver.html
together with stem spacers and a tension cap, to tension the headset first. Then you tighten down the 1" clamp to lock it in place. And then you use the 22.2mm to 1" threadless adapter.

Don't worry about the shim, back when bikes were switching from 1" to 1 1/8" profile design was shipping their stems with the spacers and so were other brands. I installed a lot of them and never had a failure. But, you'll need to get a new top cap as well, the 1" will press down on the shim but not the stem for setting the bearings.

As Kontact and Russ Roth said, you can shim the steerer tube from 1" to 1.125". I had to do that with a CAAD4 project bike:

Bike Forums - View Single Post - sci guy's & SmellyAir's CAAD4 Bike Build Bromance

I used a seat post shim as I prefer to shim the entire exposed length of the steerer, not just the section clamped by the stem, so I can use 1.125" spacers instead of 1" spacers under the stem.

Amazon.com: Thinvik 60MM Bike Seat Post Shim 22.2mm, 25.4mm, 27.2mm to 25.4mm,27.2mm,28.6mm,30.4mm,30.8mm,31.6mm Bicycle Seatpost Tube Adapter-25.4mm Shim to 28.6mm : Everything Else

If the 60 mm length works for you, make sure you order the 25.4 mm to 28.6 mm version.

As noted by Russ Roth and in my post linked above, you have to get a wider top cap.

https://www.ebay.com/itm/12537753006...3ABFBMosSAvu9h