The watch was my grandfathers and has his initials on the back of the case. It appears to be a gold filled case from Keystone Watch Case SN: 8515744, and then another number inscribed below that (72533). The watch, from my research appears to be a Model 1894, Grade 225, Size 12S, 17 Jewel screw set, 3/4 plate, and it works. The watch SN: 21494346 made by Waltham U.S.A. on face. The face has a few cracks on the lower right.
The watch is about an inch and three quarters diameter. The knife is 2 inches and a quarter. The chain is approx. 17 inches.
Waltham - A Gentleman's Gold Plated Open Faced Pocket Watch, American, circa 1920
the model 1894, with 45mm case with white enamel dial (slightly cracked) with black Arabic numerals with subsidiary seconds dial, Keystone Watch Case Serial No: 8515744 &72533, initials on the case back, 17 Jewel screw set, 3/4 plate movement, with serial No: 21494346,
on a 17" gold plated curblink watch chain with a fruit penknife, 2 1/4" .