This is a vintage 1950 Schwinn New World Ladies Tourist bicycle. 

The bicycle is in ok shape and is showing some rust (not all the way through the frame though) on the bottom bracket and chainstays.  The decals are in good shape though - Love the hat and ring decal on the seat tube.  The top tube shows the "Schwinn New World" in gold script over the blue painted frame.  Some parts of the original gold pinstriping are still visible on the frame - mainly near and on the headtube - but not on the fenders.  Original headbadge is on the bike, but is showing wear. 

The fenders are showing dents, dings, and some rust  - definitely not perfect, but still mostly blue.
Handlebars have a bend to the driveside - not sure if its the stem or bars.

Measurements:

Seat Tube - 20"

Top Tube - 22"

Specifications:

Seatpost - original straight post

Saddle - black springer Messinger, still in rideable shape, might be a mens saddle as its a bit narrower than most ladies, Leather top is still in good shape but is starting to get dry

Stem - original quill stem with decent chrome

Handlebars - 18" wide Tourist style handlebar with rough chrome, black grips have the Schwinn teardrop logo - not original to the bike

Crankset - 1 piece steel crankset with 4 circle design chainring, rough to no chrome

Pedals - chip block style pedals, presumed schwinn, but the dust covers are rusted so you can't read any type of markings

hubs - New Departure Model D rear coaster brake hub, unknown steel front hub - both are showing rust and the front hub has no chrome left

rims - Steel 26 x 1 3/8 rims, ea1, in good shape and rideable, most of the chrome is still on the rims
tires - american made Goodyear Rib tires, showing some cracks, but rideable and hold air.

Serial #J46843

Reference #140597