Sears 3 speed

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Picked up this weekend for 20 bucks..I think it is a 64 Sears Austria ?
Has a 3 speed hub...says SEARS 3 speed 64 model 503.321
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Thinks about cleaning up but not sure about the best approach yet...
 
My wife gave me one, a 63 Sears, she found for 8 dollars for father's day a few years ago. The date is stamped on the rear hub, next to the word "speed" it's in 2 digits.

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Sweet bikes ..right now I need to replace the spring in the front brake and the rear reflector then I am ready to go...
 
I have a pair (m&w) in black that we purchased new in 1969. The frames are lugged, marked made in Germany, the 3 speed hubs are marked product of Austria.
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Cleaned this one up a while back, the ladies is in the shed with an accumulation of grime and dust.
 
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