Several possibilities come to mind.
1. It's a real Paramount that had the rear triangle damaged, say by running into a carport with the bike on a roof rack.
Someone repaired the rear triangle and added a bunch of braze-ons etc. then rechromed and repainted it.
2. It's a new frame that someone built with Schwinn decals.
Waterford may provide both of the above services. I'm not sure of what their attitude is toward these things. They do Paramount restorations and have access to most of the original decals or accurate replicas.
There's a Paramount Forum on the Waterford web site:
http://www.waterfordbikes.com/
Besides the fastback seat stays and obvious newer braze-ons including 3 sets of water bottle mounts, it has a modern rear brake bridge and the seat tube lug is chromed.
Chas. Colerich Oakland, CA USA
Tom Sanders wrote:
> It's been opined that this is not and never was a Paramount. I agree. Any
> guesses on just what it is? E-Bay item # 120481889227
>
> It really is a nice bike, by the look of it.
>
> Tom Sanders
>
> Lansing, MI USA