This is apparently a rather rare bike, Schwinn offered them in 1953 and 1954. 



The frame has a serial number indicating the frame was made in October 1953, but the aluminum shell Sturmey Archer 3 speed hub has a January 1954 date stamped on it.  I've heard that they left frames sitting around until they were needed, so this could all be original. 

I got the bike recently from a relative who had it sitting around since a long time ago. It has a lot of rust from being exposed to the Arizona elements, but it's a dry rust, not like they get in colder or coastal climates.  The tires aired up (although the front one leaks a bit), and with some oil I was able to get the chain freed up, as well as the front brake cable and the front wheel bearing.  The rear hub turned freeley and the shifter indicator chain moves in and out to shift it, although I did add some oil to the hub. 



The steer tube (the top of the front fork) was broken at the bottom of the threads, it had been this way for quite a while, the stem was down all the way and holding the thing together. I gas welded the tube back together, and it is working fine now. 

The front rim was a newer non-Schwinn type that takes a slightly different tire, so I found a used Schwinn S-5 rim that matches the rear, and put it on, using the same old spokes and nipples.  I also put new Kenda tires on.  All that's left to do now is to find a good rear brake lever and cable and get the rear brake working.