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This is bad. You've got me researching the frame. Must. Not. Become. Invested.
Zooming in, it looks like a cut-out version of the attached 60s one from velobase. The details of the frame put it 1952-57 though (pretty amazing site http://www.nkilgariff.com/HoldsModelPages/Zephyr.htm). Maybe it was a homemade replacement at some point. Dunno.
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That's nice, And agree that it's too expensive. I take it that the wheels are not part of the sale? The head badge is interesting (looks like the enamel has gone, or is it hidden under dirt) as it looks similar to known one's but different at the same time
http://velobase.com/ListHeadBadges.aspx?BrandView=771988bf-9ca6-4395-894b-8ea837ad7a2f