I bought this frame for $5
15 coats of lacquer later it looked like this
It's a 1940 something Peerless, Built by Shelby
A Shimano Nexus 7-Speed hub and Odyssey Black Widow cranks bring the drivetrain up to date
A Brooks B-72 was added, as were Continental Town and Country gumwalls (not shown)
Hey, I won an award from Bike Rod and Kustom Webzine.
I even have my own gallery there.
Peerless page 2