This Raleigh Road Racer is a very rare early Raleigh, it may even have been built in the period before it was actually called 'Raleigh'. Around 1889 the name of the makers still was the brand name: 'Woodhead, Agois & Ellis'. The firm was based in Nottingham.
The bike has serial number 1972 (if I read it well) and it seems to be the oldest surviving Raleigh bicycle.
It has a lot of early details. They were really looking for the perfect frame at the time...
Characteristic for early Raleighs is the 'open bracket' construction.
Click the pictures for a link, where you will find a lot more pictures of this bike and parts of temporary catalogues.