This is a Vintage 1952 (October 17-20th) Schwinn Panther.  This bike seems to be all original, but the tank has been modded - painted blue with a pair of new screws holding in the horn.  Seems to be the original tank, rear rack, chainguard, fenders, and even the original front light.

Original Chromed fenders, ok shape but dings, dents, rust, and scrapes. 
Original Delta Rocket Ray front fender light, in black - rough chrome but has original lens.
Original painted chainguard in good shape - no dents, good paint, ok decals (decals have some scratches)
Paint is orange and black (and blue tank...) - original was red and black but faded out to orange.
Fenders have rough chrome, but will clean up with some (lots) of work and steel wool
Horn is included in tank, but the button is now blue
Rear rack is original, but is slightly bent down.
Seat tube decal is in great shape
**Cadet speedometer works well, has 1311 miles on it, and rough chrome.

Grips are white, teardrop style logo, worn and need a good cleaning

At one time this bike had a headbadge - similar to an Admiral headbadge.

Measurements:

Seat Tube - 19"

Top Tube - 22.5"

Stand-over Height - about 32"

Specifications:

Seatpost - steel original post

Saddle - springer saddle is in great shape, tan top and chromed springs

Stem - original steel quill stem, needs cleaning

Handlebars - about 26" wide

Crankset - original 1 piece steel drop forged crank with 5 heart skiptooth chainring, needs polishing

Pedals - Torrington block pedals, worn but usable

hubs - Schwinn Script front hub, New Departure Model D coaster brake rear hub
* rear wheel has several broken spokes.
rims - original chromed rims, good shape but need polishing, Schwinn S2's

chain - rusty, but works well
Tires are in ok shape with some cracking, Wards Riverside rear tire, Goodyear front, black walls

Serial #F18660

Reference #40489