Senior Member
Join Date: Aug 2010
Location: Madison, WI
Posts: 11,214
Bikes: 1961 Ideor, 1966 Perfekt 3 Speed AB Hub, 1994 Bridgestone MB-6, 2006 Airnimal Joey, 2009 Thorn Sherpa, 2013 Thorn Nomad MkII, 2015 VO Pass Hunter, 2017 Lynskey Backroad, 2017 Raleigh Gran Prix, 1980s Bianchi Mixte on a trainer. Others are now gone.
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If the bike is that old, adding grease to the hub bearings would be a good idea. If the bottom bracket is cup and cone, re-greasing that too would be a good idea. And while at it, the headset.
I assume it is freewheel, not freehub rear hub.