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@TomGold
He has ruined this if it was a merckx i love the description.
Looks like he has rattle canned it and decided to paint the stem and headset while he was at it.
http://cgi.ebay.co.uk/Vintage-Merckx-Steel-Frame-fixie-/190537655195?pt=UK_sportsleisure_cycling_bikeparts_SR&hash=item2c5cede39b#ht_558wt_932