That bike is actually fairly modern. It's a large-framed 'Sam Hillborne', designed by Grant Peterson
(who is a minor legend in the world of custom frame-building) of the Rivendell Bicycle Works in Walnut Creek, California. The double top-tube is a dead giveaway — and, of course, the word 'Hillborne' on the down tube.
As noted, it's a large-framed (56 cm or larger) bicycle, as smaller-framed Hillbornes have only the single top tube. The fenders, though, could indeed be hammered, as they are still available for people like myself who prefer their bicycles to be made out of alloy steel in the classic design rather than titanium, aluminum, beryllium, or some whiz-bang composite or carbon fiber designed with the aid of a wind tunnel, and to have that old-school, retro look... for which the fenders are a nice touch. They're more expensive
(and maybe a couple ounces heavier) than their plastic counterparts, but to a true devotee, that's not an issue.
Although as I've aged, I must admit that for longer distances, a bent bike is better than a hammered cycle.
-"BB"-
Yes, I suppose I could agree with you ... but then we'd both be wrong, wouldn't we?