Suprised to see one on a touring bike.
This is a true randonee bike. Think of it as the original credit card touring bike in some ways. In the 1920s, big day-long "races" were becoming very popular. These were races with huge distances, and were measured with time checks along the route. These races were called Audax rides (audacious) in the U.K. The French loved these rides and called them Brevets. They're still very popular today. We've sort of renamed them again as Grand Fondos. Lots of historic names thrown around, usually without much historic accuracy, but what's new.
Back to the bike. A proper randonee bike was a bit like a touring bike paired with some racing enfluences. Because the rides were unsupported, riders would use large bar and cardice bags. Later, this mode became perfect for light touring in Europe where riders could ride from inn to inn without being bogged down with camping kit. Today we call that credit card touring. So much for catchy names, huh?
I will also throw this out there. These bikes are extremely rare in the US. The randonee thing never really took off here in the states. The late 60s through the late 70s saw a huge surge in full blown loaded touring, so the bikes of that era were usually proper touring bikes or racing bikes. The Adventure Cycling Association started it's life as Bikecentenial in the late 70s in response to the surge in touring popularity. The randonee bike didn't really catch on, kind of like the mixtie never caught on. As an avid collector of vintage bikes myself, I don't see many of these bikes anymore. When I do, they've usually been devalued to the point of being junk bikes. That's easy to do. Remove just one single part from these bikes and their historic relevance is all but ruined. This is also the era of the vintage townie. It's sort of chic and hip to ride a vintage bike, and because they're cheap to purchase, many have funds left over to modify the bike to be more practical. In the process, these rare pieces of cycling history are usually lost forever. This is where the age old argument enters the scene. Is it better to put an old bike back on the road to be enjoyed, or put on the hooks to preserve a piece of history. Tough choice.
The real bummer is the dollar value these bikes carry. They usually don't have a dollar value high enough to keep them off the roads. I recently purchased an early 80s Vitus frame for $100. It had never been built! Imagine how few vintage Mustangs and Corvettes would be around if they were available for $1000.
Very neat bike, Sinhue.