Yep, lousy brazing and fitting. It isn't uncommon for lug tips to move during brazing, and looks like there are other gaps in the lug as well.
But reality is many frames have these issues. Many many years ago I was in a paint shop that sprayed the frames of some mighty famous builders - and one of the frames in for paint had a gap under the tip that looked worse than the one in question. The painter said yep - putty for that one, no big deal.
If the tubes themselves are well mitered, and brazing where the tubes meet is good, I should think its no big issue at all. And reality is that many Paramounts apparently had similar issues, so the frame in question isn't even really unreasonable cursed from a market valuation. But weren't all the Paramounts of the years in question (if its a 70's bike) made with chrome plated lugs?
Oh well, it is what it is.
Mike Kone in Boudler CO
>
\r?\n> i was looking over a nervex-lugged paramount i just picked up and i realized
\r?\n> that there seems to be some space between the top head tube lug and the top
\r?\n> tube.
\r?\n>
\r?\n> shots: http://andrewgura.com/
\r?\n>
\r?\n> is this a normal situation? the paint appears to be factory and unbroken, but
\r?\n> i'm used to seeing a lug sit flush against the tube. not sure what would cause
\r?\n> this to happen.
\r?\n>
\r?\n> any opinions would be appreciated.
\r?\n>
\r?\n> thank you
\r?\n>
\r?\n> andrew gura
\r?\n> los angeles, ca