I picked up this really, really nice 1967 Raleigh Sprite last weekend. It was an eBay sale with local pick up about 30 minutes from my hometown, and when I saw the excellent condition of the bike, I bought it. Below are pictures of the bike as it came to me, before I have done anything to it. It is starting out in great shape.
One of the things that you learn as you work on old bikes is that condition is king, not necessarily rarity or cachet. I think every bicycle restorer goes through a time when rarity, age, and cachet start to take over, but the more you fix bikes, the more you look for projects that are in nice shape but not necessarily very rare or valuable.
This particular Raleigh Sprite is in extraordinary condition: original cables and housings, original and functional plastic shifters, excellent paint and plating, and good originality. The rubber parts are somewhat crunchy - it's possible the bike was stored in a climate controlled basement or storage room where there was a furnace or a dehumidifier that released ozone or caused dry air. But it is to be expected for a bike this old.
The pinstripes and transfers are also in good shape. Usually the pinstripes fade and disappear first, and then the transfers start to get chewed up. Finally you have bikes with degraded paint or chrome. This has none of those issues.
The mechanical pieces that I have cleaned so far also show minimal mileage. It looks like the bike was ridden a little bit, then stored away somewhere dry for the rest of its life. The leather saddle is a little dry, but also in good shape. It should do well with Proofhide.
I already have the bike partially taken down and have cleaned and re-greased the bottom bracket. It had low mileage.
I'll probably only do a partial tear-down, clean, re-grease, and maybe a little touch up paint in the few spots that need it (very few indeed).
It's a great looking bike and I think it will be a great rider.
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