Even though they were certainly fading in popularity, 27" wheels were certainly not obsolete in the early 80's. Trek's 1983 high-end touring frame/bike (it was available both ways) model 720 was built for 27" wheels. The explanation I remember hearing was that Trek still believed that a "touring" cyclist would have better luck finding 27" rims and tires in remote areas, as opposed to 700c. I'm not really sure if either that perception or the reality was the case at that time though.
I also want to express my sincere best wishes to everyone for a great Holiday season and a fun, happy and safe New Year.
Cheers!
Wayne
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Wayne Bingham
Velo Classique
PO Box 2069
Purcellville, VA 20134 USA
540-338-8376
http://www.veloclassique.com