This is a Vintage Schwinn Built Excelsior Balloon Tire Bicycle.  According to a couple database's, the serial # dates this bicycle's of manufacture to 2/8/1952.  Chicago USA built, the excelsior bike was based off of the Hornet platform.  The Excelsior name comes from Schwinn's acquisition of Excelsior Motorcycles in 1911 (another Chicago based company) .  

Bicycle appears to be all original and is in good shape bearing a nice patina.  The tank is still functional and powers the GE aftermarket "baha" style lamp mounted to the handlebars.  Unfortunately the fenders are pretty dinged up and have some stickers attached to both the front and rear.  

The bike has 26 x 2.125 wheels and tires featuring New Departure model D coaster brake with 1" pitch skip tooth sprockets and chain, and the front chainring features the signature heart accents.  Schwinn rubber block pedals are original and in good working order.  

Original Schwinn rear carrier rack has a bit of a bend in the center of it. The manufacture of the saddle is indiscernible at this point but appears to be a Persons.  Tires are not the stock tires with the rear being a Carlisle Lightning Dart and the front being an Allstate Premium (both 26 x 2.125).  

Please see photographs for details.

Measurements:
18 1/2" Seat Tube (top to center)
23" Top Tube (center to center)
32" Stand-over Height
Serial #H069204
Reference #116119