Your Elgin is a 1924 piece that currently sells in the right venue for approx. $125-150
Now for the fun factoids about Elgin:
Elgin Watch Co./Elgin National Watch Co. pocket watches was founded in 1864 in Elgin, Illinois. Their first watch (#101) a size 18 B was an expensive, $115 watch in 1867 (yes, it took three years from the company’s founding to first production).
--- This watch sold in the late 1980’s for $12,000. ---
Unfortunately, that’s about the most any Elgin would ever command. Elgin was the largest watch maker in the United States, having made no less than 55 million watches.
Elgin had some top quality and costly time pieces in their day, but for the most part they didn’t concentrate as much on quality as they did quantity. They were responsible for about half of all watches made in the U.S.. .
These watches are often what starts collectors out since they’re not just easy to afford, but easy to find parts to. If a watch doesn’t work, there’s nearly always a need for some part of it to aid in rebuilding another Elgin. So whether the watch is sold as a working collectible or parted out, Elgin’s are usually sought after.
An interesting note here about Elgins: If you find one without a serial number on the watch works, it was probably one made by a watch-making student. In order to graduate as a watch maker and get their certificate, men had to not only design, but make the watch that would guarantee their graduation. These were often nice watches, in the area of 17 jewels in silver or composition metal. In top shape, accurately working and polished these watches tend to be valued at $1,000 and even higher.
--- If the same watch had a serial number it would only bring $100-200; perhaps more depending on the metal.
Being a student’s watch makes it rare and much more collectible. So keep an eye out for one like that!