I suggest putting it in a vice and then drilling it on both sides so you can remove the fork, which should then take the suspension block and the metal plate connected to the frame with it. Once you've done that a liberal coat of WD40 and a hammer and punch should do the trick. Remove all the old bolt, including the nylon spacers and steel sleeve, then buy yourself a nice new rear pin from Moulton Preservation.
While you're at it it's worth checking the integrity of the rear fork. There should be no cracks / distortion around the point where it joins the suspension plate, and when hit with a screwdriver each fork should ring.
Generally older Mk1 bikes from 1963/4 are better than the Kirby built ones, which can be identified by a K with the year of manufacture punched into the to of the seat tube.
I suggest putting it in a vice and then drilling it on both sides so you can remove the fork, which should then take the suspension block and the metal plate connected to the frame with it. Once you've done that a liberal coat of WD40 and a hammer and punch should do the trick. Remove all the old bolt, including the nylon spacers and steel sleeve, then buy yourself a nice new rear pin from Moulton Preservation.
While you're at it it's worth checking the integrity of the rear fork. There should be no cracks / distortion around the point where it joins the suspension plate, and when hit with a screwdriver each fork should ring.
Generally older Mk1 bikes from 1963/4 are better than the Kirby built ones, which can be identified by a K with the year of manufacture punched into the to of the seat tube.