Frame
The Schwinn Varsity bicycle frame was manufactured from steel strips that were rolled into tubes. The joints were stamped into shape and rolled into tubular joints instead of miter-cutting the tubes to fit together. The frame tubes and joints were welded together with a process called electro-forging. Schwinn Varsity frames had a lifetime warranty.
Brakes
Brakes were side-pull, caliper-style brakes. The calipers of the brakes were fitted with hard rubber blocks that gripped the tire rims when they were applied. The brakes could be applied from either handlebar position with the dual-brake levers.
Handlebars
The Varsity handlebars allowed two riding positions, sitting upright as on many bicycles or bent over and gripping the lower portion. The ends of the handlebars were bent into a curve resembling a ram's horn, allowing two positions for riding--the rider could grip the top portion of the handlebar for upright riding or the bottom of the curve for riding bent over. The handlebars were wrapped with plastic tape that matched the color of the bicycle.
Gears
The Varsity was originally manufactured with eight speeds, but had only speeds for a short time. By the early 1970s, all Varsity bicycles had 10 speeds provided through two front gears and five rear gears that were selected using two levers located on either side of the handlebar mount.
Chain Drive
The Varsity chain drive operated through two derailers located on the unpowered side of the gear sets. Moving the shift lever while pedaling caused the derailer to move the chain off one gear onto another. Selecting the correct gear combination allowed for substantially more power to be transferred to the rear wheel for hill climbing or to a lower power position for greater speed.