I think it is 14k or 10k and it is in great condition.And it is made by Elgin.
1 inch diameter 15 mm width
ELGIN - A Lady's 10k Gold Key Wind Fob Watch, 1920's
the outer case decorated with floral engraving, opening to reveal a white enamel dial with black Roman numerals with seconds sub dial, the inner case with case serial No:945904 C.W C.O.D, measuring 25mm in diameter.
There is no 10K stamp but valued assuming gold but could be gold plated. Recommend gold testing