Sorry for calling something probably forty years old new but it does not look like it was ever screwed to the head tube of a Paramount. As you can see from the photos, there is no scratched paint or deformities around the screw holes.I have not tried to clean this up in any way. The stamped date code in the lower left quadrant (looking from above) is 2390 and from what I can determine from some internet searching it means this badge was going to be put on a Paramount on the 239th day of 1980. Internet, the 239th day of 1980 was Tuesday, August 26 so maybe that date code translation is legit. Schwinn was going through a lot of "issues" in the Chicago factories during that time.
The factory employees went on strike in September of 1980 Yay for internet searching! Which might explain why this badge was never screwed to a frame as Paramount production never resumed in its original factory space after the strike. That tidbit would be called insider knowledge and not skimmed from the internet. There is some tarnish as you can see on the brass on the back side of the badge but no real corrosion that I can see and the paint on the front is a about as perfect I imagine any of these would have been. Also, I really won't give it away but there is a "Make Offer" option so give it a try.
This item is in the category "Collectibles\Transportation\Bicycles\Bicycle Parts". The seller is "qcycle" and is located in this country: US. This item can be shipped worldwide.