That's interesting. I suppose it's possible that someone changed wheel sizes at some point, but it seems unlikely. They would have also needed to buy the longer piece that bolts onto the brake stirrups because the linkage wouldn't reach otherwise. I think it's a good bet the 26" wheels are original and this bike dates back to the days where the 28" wheel was an option. I would check the catalogs for models with that shallow angle down tube. That would be another clue. Also the head badge, but I don't have any references to show what style was used when. I do know for a while in the 30s Raleigh used varnish transfers instead of stamped badges.
Last edited by BigChief; 11-21-18 at 02:55 PM.