What exactly do I have here?

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Newbie here, please help me identify the components of this bike.
My beau picked this up off of CL last fall and I have set about to clean and refresh/restore it. It seems like it has been pieced together, but I can't say for certain.

It was obviously painted at least twice (I think original paint was a vibrant metallic blue), once red and once the current drab olive.
Sadly handle bars and seat bar were also sprayed with gold spray paint.

No parts with any stickers or serial numbers that I can see at this stage. Metal seat saddle is stamped with Made in Italy. I thought frame reminded me of stingray- but I am a newbie so help would be appreciated. Thanks!!!!
This is my first attempt at posting pics via image url link.

Frame shots
26630570241_f1185de909.jpg
Bike Restore[/url] by rebekahkoi, on Flickr[/IMG]

Pedals and gear
26669957786_82b2d21474.jpg
Bike Restore[/url] by rebekahkoi, on Flickr[/IMG]

Seat
26669957466_d396e42731.jpg
Bike Restore[/url] by rebekahkoi, on Flickr[/IMG]

Handle bar, seat bar, wheel and clown detail (clown detail was on the bike already and that theme is going away!)
26630567971_183f67f9d2.jpg
Bike Restore[/url] by rebekahkoi, on Flickr[/IMG]
 
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The images aren't showing up on this end.
I can link to them with the icon.

Will see if I can get identifiers.
 
I tried copying the image url the first time from the app on my phone. Just updated the image link with the whole link listed (BB option size medium) from the website via a browser window.
 
Thanks! I am guessing a lot of what is on this is not original. There was also a light- need to grab a photo of that too. Wires come out of the frame- but I don't see where the generator portion would have been located.

'57 or later, when Schwinn's cantilever style patent ran out. Shimano crank, probably not original, depends on the date.

https://www.flickr.com/photos/20746950@N07/26669957786/in/photostream/

edit: If it is a Rollfast, the crank is definitely not original.
 
Thanks for the replies so far. There is still an immense amount of cleanup to do - on all the parts.

What helps you decide what to replace, what to revise/refresh and what to restore? Obviously outside of a part that is broken or unsafe- (which would be replaced).

My initial thoughts were:
Intended rider and purpose,
$ and time / tools available.
But I am open to ideas and suggestions.
 
The bearings in the wheels, crank, and steering should be either cleaned and greased or replaced.
Check the chain, if it's rusted out or gone replace it.
You'll want to make sure none of the welds are broken and the frame isn't to bent to be rideable.

Other than that put whatever parts on it to make it yours.
 
After some additional cleaning last night, I have located a number on one part
333 (the 3's have a long hook on the bottom) Text bellow it reads:
THREE SPEED HUB
USA PAT 3021728

Is this the Shimano crank /hub? I feel like a doorknob- but I only see one gear mounted on the opposite side of the bell. (Which differs from the 3 in photos I looked up and I anticipated 3 gears would be present based on the writing on the hub).
 
It's a shimano internally geared 3 speed hub. The inside is kind of like an automatic transmission, a lot of small parts to make it all work.

There's info and an exploded view somewhere here. I've never rebuilt one but it can be done.
 
This might help, it's a long video but atleast you get to see the workings.
 
It's a shimano internally geared 3 speed hub. The inside is kind of like an automatic transmission, a lot of small parts to make it all work.

There's info and an exploded view somewhere here. I've never rebuilt one but it can be done.

But it does not necessarily need to be rebuilt, or does it? Very helpful- I have a base understanding now. I watched the video - certainly an involved process. I will address some of the other things before I tackle it.
 
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It may not need rebuilt, if you get it hooked up to a shifter you'll know pretty quickly if it's in working order.
 
I will have to check the garage where we stored this, but I don't recall seeing any shift mechanism of parts. When I Google search, It returns a 3 speed click stick. Is that what I need to look for?
 
I will have to check the garage where we stored this, but I don't recall seeing any shift mechanism of parts. When I Google search, It returns a 3 speed click stick. Is that what I need to look for?
I think the click stick is a frame mounted shifter commonly used on muscle bikes. Some bikes have a thumb shifter that mounts to the handlebar, I have one if that's what you're wanting. I'll get you a pic.
 
I think the click stick is a frame mounted shifter commonly used on muscle bikes. Some bikes have a thumb shifter that mounts to the handlebar, I have one if that's what you're wanting. I'll get you a pic.
I think the plan is to keep the majority of existing parts- including the handlebars. So open to what would look best, as well as be in line with that style.
 

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