Canadian. 1938. "Winner" headbadge was a private brand made by CCM. It is correct and of the era. It is in the style of of the regular diamond CCM headbadge. 3-piece English cottered crank assembly (one other known). Handlebars, stem, seat post clamp and saddle may be replacements. With original decal of McPhail's bicycles store in Waterloo. In original "as found" condition. Down post with "McPhail's Waterloo" decal. Down post 20" . CODE-BIKE