1971 is a great year for bicycle collectors. The Schwinn Grey Ghost was first introduced in 1971 as one of the bikes in the Krate series. The Krate series bikes had the traditional 20 inch wheel in the back but a smaller 16 inch wheel in the front. The smaller wheel in the front caused them to lean forward slightly and give them a look that resembled drag racers or chopper bikes in that time.
The Schwinn Grey Ghost is considered one of the rarest of the Krate series bikes because it was only listed in the Schwinn catalogue for one year. It was very much like the other Krate series bikes with the exception of the color: Silver Mist Grey. This bike wasn't so popular in its time since Schwinn only chose to make it for that one year, but because of that it is one of the most sought after bikes in the Krate series.