Hello Mark,
Thank you for sending in your pocket watch to mearto.com for an appraisal. I shall try to help you with that today.
TITLE:
Gent's 16s, coin silver, pendant wound and pendant set, open face pocket watch, Grade 291, made by the Elgin Watch Company, Elgin, Illinois, USA circa 1914. case together with dial/movement by association.
DESCRIPTION:
Case: 16 size, coin silver/nickel open face pocket watch with full fluted ball pendant and round bow placed at the twelve. The pocket watch appears to have an exhibition back cover with the edge marked, Waltham Watch Co. I am uncertain that the watch was made with an exhibition back cover because the movement is a rather standard type, and not extraordinary. The bezel of the case is also engraved with "Waltham Watch Co.” Most likely the Elgin dial and movement was paired with a Waltham Case by a jeweler and the exhibition case was created by the jeweler.

Dial: White enameled dial with upright Arabic hours, open bar minute ring with red Arabic markers placed every five minutes along the periphery of the dial, subsidiary seconds @6, steel Continental Spade hands and the upper dial marked, Elgin.

Movement: Damascened nickel three quarter split plate movement, the grade 291, Model 7, Class 110, made by the Elgin National Watch Company, Elgin, Illinois, serial number 17500572, made in 1914 in a run of 2000 such movements, 16-size, made with 7 jewels, Pendant wound and set, going barrel, bimetallic balance wheel, plain index regulator with Breguet hairspring. . .

Condition: Case - The bezel and exhibition back cover marked Waltham Watch Co. and likely an aftermarket alteration of this pocket watch. Elgin and Waltham both were in competition for the mid-level watch market and made movements and cases that were relatively the same size. Why they would be used in this manner does not make any sense to me because it lowers the value of the watch. Dial: Short hairline fractures noted at the 34 and 23 minute markers. Movement- In good condition and considered genuine and functional.
This is certainly a very nice looking and functional pocket watch, and perhaps more appealing with the exhibition back cover than a solid cover. However, it will always be a marriage, but a utilitarian one. Waltham changed their name many times but interestingly they used the name on the bezel and back cover, Waltham Watch Company between the years 1906 and 1923 and since this Elgin watch was made in 1914, the age of the movement, dial and the case is approximately from the same era.
COMPARABLES:
https://www.ebay.com/itm/Vintage-Elgin-National-Watch-Company-Pocket-Watch-in-Waltham-Watch-Company-Case-/133319989484?hash=item1f0a7d98ec%3Ag%3AXFMAAOSwvRJeKL3n&nma=true&si=18iYP6SRzWBIUXKihWuvWiaV6lo%253D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557 (sold recently for $40)
PRICING:
I have decided to price the watch according to the pocket watch database as having a case and dial/movement together by association. That fair market value turns out to be in the range of $40-$60, which sound about right to me. I am uncertain whether there would be a retail value for such a watch together by association.
Thank you for using mearto.com for your appraisal.
My best,
David