Does anyone have an educated guess what model this Raleigh is?
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Possibly this is a 1973 build that was made just before the new serial scheme went into effect?
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Given that there's no "3" anywhere in the serial, I'd bet the serial we're looking at here uses a similar year/month/production number format (A/H/00274) as some Schwinns. I doubt "2" relates at all to 1972. There's no reason for the "2" to be following a pair of zeros (one has to remember that these serials come from an era where the individual digits weren't used in patterns as obscure as modern automobile VINs).
-Kurt
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I wondering if the Sturmey-Archer hubs might have a date code, like their IGH models? That could help to narrow down the year a bit, given the atypical S/N.