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@pip
Looks like a path/grass track racer frame. Designed so you could ride to events with mud-guards and brakes on, take 'em off, race, put the bits back on and ride home.
They were quite popular in the 1950s/60s.
Its a really nice score if its genuine (its a really nice score regardless, the stars on the seat stays are pretty fresh). Paramount stuff fetches quite a premium in the states.
Some info on path racers here.