Here's one I refinished last summer for my sister to roll around campus on. I got this from a lady for $10, which is more than it was worth... totally seized up with rust, dry rot and age, and the paint, although original, was rubbish. The stem was bonded to the steerer tube, and chain was shot and the tires were mostly rubber dust. Nothing that was supposed to move was moveable, not even the cranks.
I tore the frame down, stripped most of the paint off (leaving the badge and chain guard intact for a touch of color and nostalgia). Had to buy a new stem, chain, middleweight tires and cork grips, but otherwise it was just a matter of sanding, polishing, and lubing things.
I was working with a thin budget, so it's more rat than rod, but even if I'd had oodles of cash money it would have ended up looking much like this. I gave the stripped frame a few coats of clear semi-gloss to control the level of decay and make it look more finished. I don't believe my sister's ridden it more than twice, but I've enjoyed reworking it, so it's all worth it in the end.
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