This auction is for a Vintage 1955 Schwinn Hornet.  Model D15.  This bike is mostly original, except for the tires and the (maybe) front light and handlbars.  The tank is missing.  The tires are a middleweight tire, when this bike originally came with balloon tires.
This Hornet was built in the last week of November (11/29) of 1954.

Spitfire red.  The paint is showing some age as its dulling out and has some rust color showing through on the white.  Some scratches on frame, fork, and fenders.
No major dents or dings. 
The front fender light has been replaced with a different light - the light now on the fender is an Oxford double cell.  All parts are in the light, but no batteries.

With just a bit of work (chain and cleaning) this would be a great rider. 

Measurements:

Seat Tube - 18"

Top Tube - 22"

Stand-over Height - 31"

Specifications:

Seatpost - original straight post

Saddle - Troxel springer saddle, tan, excellent shape

Stem - steel quill stem, chrome but needs polishing

Handlebars - not original, Tourist bar, 22" wide, needs chrome cleaning, red schwinn grips

Crankset - original schwinn with 4 circle chainring

Pedals - original block style pedals, worn but usable

hubs - New Departure coaster brake hub - might need a rebuild, Schwinn approved front hub
chain - rusty and stiff - might be able to resurrect it with some work
rims - 26" S2's, painted white

tires - 26 x 1 3/4

Serial #P04537
Reference #34460