Brian,
Normally, I would say that it looks to be modified. My hesitation is due to my knowledge of a special Campy rear derailleur made for the Schwinn Paramount. I have an '82 Schwinn catalog that shows a Paramount with a Nuovo Record r. der. on which Rally cage plates were attached. Here is the quote next to to the picture in the catalog: "The unique derailleur configuration, featuring a modified Campagnolo Rally rear derailleur, combines two Campagnolo units for extra shifting capacity". It should have read, "modified NR r. der." instead of "modified Rally r. der.". The point is, if Schwinn was able to have Campy produce a modified version, maybe the one in your pictures fall into this category of special orders direct from Campy.
Marc Boral Long Beach, CA
-------Original Message-------
From: brian blum Date: Wednesday, December 31, 1969 04:00:00 PM To: Classicrendezvous@bikelist.org Subject: [CR]IDENTIFY this Campagnolo derailleur
Is this early Rally derailleur stock or repaired? It looks all original but it says Nuovo Record?
http://albums.photopoint.com/
Brian in Berkeley