What exactly is this?

I've had this apart and in a bike box for the last few yrs now. Except for the rims, the bike is in excellent condition even though it was in a shed for decades.. It appears that the front wheel was exposed to the elementsand is quite rusy and in need of a few spokes. The back rim is in need of cleaning up also but both wheels are as true as a die. Fenders, pedals, chain guard, rear reflector, and spoon brake(?) are mint. head badge is intact and I think the saddle(Dunlop) is original. I have never seen a bike that has as smooth action and response as this one and I assemble bikes for a living. Can anyone give me info on it? In the picture I post, the pedals are zip tied to the frame for storage purposes