This is a vintage 1954 Schwinn Wasp balloon tire bicycle.  This bike has rough paint in some places.  The green in places is scratched/marred off.  The headbadge on the bike is in ok shape - its got its issues, and original.  Even though the paint is a little light, this Wasp is fairly solid and just about good to go - except for the wheels.  The bike hasn't been tuned up, so it will need a full mechanical tune-up, several spokes need replacing,  and it would be best to repack/overhaul all the bearings. 
Where the frame is missing paint, you will find some surface rust.  The Radiant green paint is missing mainly in high wear places - top of top tube, edge of chainguard, and top of the cantilevered seat stays.  The fenders do have several dents, dings, scratches, and are a little chewed on the ends.  The wheels are out of true and need several spokes. .  The chainguard is in good shape, with the exception of of the missing paint on the edge and a slight bend by the W in wasp.

Overall, it needs some work, but its mostly there.   Needs the full tune.  Would be a fun rider when the mechanicals are done.

The Wasp was billed as the Ideal bike for heavy duty use.  It had available options such as fork trusses or heavy duty wheels that would make this great for newspaper delivery, messenger, or delivery service.  It also said that it was ideal for boys who give their bikes unusually hard use.

Serial number placement on the non-drive dropout.

Made in Chicago, IL, in November between the 13th and the 25th, 1954.

The serial number dates this bike to several different years - 1952, 1953 (54), and 1957. 
 
Color: green with white details

Measurements:

Seat Tube -18.5"

Top Tube - 22.5"

Stand-over Height - about 31"

Specifications:

Seatpost - original steel

Saddle - original springer saddle, top is starting to peel off the pan, still mostly painted black underneath but showing some rust coloring.

Stem - original stem, rough chrome
handlebars - 26" wide cruisers, rough chrome, with black Schwinn oval logo grips, worn

Crankset - steel 1 piece crankset with 5 heart design Schwinn chainring

Pedals - block style pedals from Union, cheap, worn but usable, not original

hubs - Bendix coaster brake rear hub, front hub is a Schwinn script
rims - cream painted S2 rims, showing some rust and scratches, needs spokes and truing
tires - blackwall balloon tire, 26 x 2.125, Wards Riverside Mate (rear), and a Taiwanese front tire, both are in decent shape

 

Serial #C97983 (on the non-drive rear dropout)

Reference #17377