Lady bicycle F.N. Chainless c.1915/20

The Belgian company Fabrique Nationale (FN), already a renowned arms manufacturer before moving into bicycle production, was a pioneer in shaft-drive bicycles, influencing the subsequent development of motorcycles. The production of gears with a shaft-drive began in 1898. This model corresponds to the production after 1910.

More info:  https://onlinebicyclemuseum.co.uk