I'm not saying it's not a racing wheel, but I'm curious why you suspect that it is one. A 32-spoke wheel with a wood rim and fixed hub is pretty standard for a TOC bike. The sprocket does have some holes drilled for lightness, but still looks a bit chunky, and its 8 teeth would only indicate a moderately high gear for the period. Most rear wheels may have had 36 or even 40 spokes, but 32 is not unusually few. Even if the wheel did show extreme characteristics regarding weight, gearing, etc., remember that--then as now--American producers pushed "sporty" products on the general public. Maria Ward, a popular TOC cycling author, reminded her readers in 1896 that American bicycles "evolved on the racetrack and for the conditions determined thereon."
