We were able to identify the bike as a 1933 Schwinn #R Racer and have updated the title. Pedals are older, see photos. From the 1933 Schwinn Catalog.
Frame: 20, 22 or 24 inches. Tires: Racing 28 x 1 1/8 inch. Handlebars: Racing type, chromium finish. Designed and built to meet the exacting requirements of racing, this sturdy, easy running wheel will give a good account of itself anywhere. Grandfather was very serious about Velodrome or Board Track Racing in his youth. Limited information, just that this was his passion and his claim to fame on the east coast (New Jersey). Rims were once wood according to the family however now they are. Chromage / Superchromix 27x 1/4 H. I rode this bike, wheels are true, hold air (clearly showing dry rot) and everything works great, turns correctly and has been well maintained other than the age of the tires.Growing up in the 1970's I was mostly a BMX rider but this is geared in a way that I was amazed at how fast I was able to go in a VERY short distance..... Not a free wheel hub (big surprise for me).
Thank you for looking and your interest. The item "L@@K Vintage Velodrome 1933 Schwinn #R Racer Track Racing Bicycle RARE" is in sale since Sunday, November 27, 2016. This item is in the category "Sporting Goods\Cycling\Vintage Cycling\Vintage Bicycles". The seller is "itisdom" and is located in Fort Collins, Colorado.This item can be shipped to United States.