Schwinn ran a simple 3 digit serial number sequence through 1959. The new system which began in spring of 59 had a letter followed by two numerical digits, i.e., A10-A99, B10-B99, etc. The "E" series began on 8/1/60, but only had two digits. Later numbering sequences had multiple letters and numbers as a production code, but were much longer than the number you indicated. Without photos, it's hard to say, but I question if the frame is a Paramount. See the Waterford web site for a complete table of Paramount numbering sequences. They have the records and their info is accurate. Yours is the second reference I've heard of a web site with Paramount numbering sequences that were not accurate. I'm curious, which site is it. If you wish you can contact me off-list at: firstname.lastname@example.org.
Costa Mesa, CA