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I think this is the Balsa F2 built by Marcel Balsa in 1952 that was fitted with a Peugeot 203 engine.
Throughout Balsa's racing career he would take part in mostly junior races, as well as, Formula 2 events. Then, in 1952, the World Championship came calling to him. The fifty-one year old driver would have the opportunity to take part in the World Championship.The opportunity to take part in the World Championship presented itself when Alfa Romeo left Formula One at the end of the 1951 season. There was really no competitor to square-off against Scuderia Ferrari, who had truly become the team to beat, even during the later part of 1951. Costs were also spiraling out of control. This was not a good formula for continued existence, let alone success. In the search for time, in order to come up with new Formula One regulations, the race organizers and the governing-body decided the 1952 and 1953 World Championship seasons would be run according to Formula 2 regulations. This opened the door for Balsa and his BMW Special.During the 1952 season, Balsa would take part in some smaller formula races and other special races. He would also take part in a couple of Formula 2 non-championship races as well. The first of just a few national Formula 2 events in which Balsa would take part would be the 1st Grand Prix de Caen on the 27th of July.