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Is there nobody on this site who knows how to use Google? You could search for "Paramount serial number," "Waterford Schwinn paramount," etc. I will tell you that no Paramount has a serial number that short, and the early ones began with a letter.
I am not familiar with the type of bicycle but I assume the bike is currently a fixed wheel type - the type sometimes described as an ash track racer?
The problem when converting will be keeping the frame geometry correct while bending the rear forks to accommodate the wider axle of the wheel with a deraillier gear. It is necessary for the chain wheel to align exactly with the middle sprocket of the cluster.
The best option would probably be to fit a two, three or four speed hub.
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