JC Higgins ID needed PLEASE HELP
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To me, that looks more like a product number than a serial number. Regardless, the bicycle looks like a rebranded Murray product based on the chainwheel pattern and extended dropouts. The latter reportedly identify it as being manufactured by Cleveland Welding. I'm used to seeing the shark nose guards from the late 1960s to early 1970s, though I'm not sure when Murray used them. Google Murray Missile for similar bicycles.
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502 is for Murray Ohio, a manufacturer that started in Cleveland, Ohio.