This is a vintage Schwinn Flying Star made in Chicago on March 10, 1959.  This canitlevered bicycle frame has decent paint (with no gloss though).  The bike is mostly original, except for the black and white messinger saddle.  With a bit of work (and a major tune-up) would make this bike a great rider.  Take it to the store or just ride around a lake, this bike would make a good ride into a great ride. 
The wide cruiser bars offer a bit more comfort.  The bars also have mount for a flash light already set.
The paint has some scratches and is showing some surface rust on parts also.  The chainguard decal is in good shape but needs a cleaning - like the rest of the bike.

The flying star model was featured in catalogs from 1955 to about 1957. 

Shifter seems to work, but the bike hasn't been test ridden.

Measurements:

Seat Tube - 18"

Top Tube - 22.5"

Stand-over Height - 30" (about)

Specifications:

Seatpost - standard steel post

Saddle - not original black and white messinger vinyl spring saddle - top in good shape but the underside is rough and bent

Stem -  standard steel quill stem

Handlebars - cruiser style bars with ok chrome, 26" wide, with oval logo Schwinn black grips (in good shape)

Crankset - single piece steel crankset with 4 circle design schwinn chainring

Pedals - worn block style pedals,

hubs - Bendix lever actuated 2 speed automatic coaster brake hub
rims - Schwinn steel S7 rims, need cleaning/polishing
the wheels have some broken spokes, not rideable

Freewheel (number of gears/tooth range)

Serial #C987298

Reference #24778