This for a Vintage used all original Schwinn Black Phantom.  This bicycle was manufactured between the 27th and 28th of October 1954 in Chicago IL, USA (apparently there was some questionability on the exact day given the serial number).  The bike is nearly all original and is unfortunately missing the tail light and the horn tank screws have been replaced.  There is an unfortunate hole in the front fender lamp and the glass is cracked.  Uncertain to whether or not the horn tank still works.  The bike itself is in very nice condition both aesthetically and mechanically and is a fine example of the Black Phantom.  From the 1954 Schwinn catalog: 

"Nothing in the world like it!  The most beautiful bike you can own!  You've never seen such a bicycle.  Completely equipped with every accessory imaginable to delight the eyes of every youngster.  Includes springer fork, cycelock, stop and tail light, chrome trimmed fork, cantilever frame, white wall tires, genuine leather saddle, chrome fenders."

Measurements:

19" Seat Tube (top to center)

22" Top Tube (center to center)

32" Stand-over Height

Serial #N49719

Reference #89391