I thought this might be of interest as we don't see too many this early and it has some interesting features. The dial design is similar to those used for UG watches retailed by Hermes during this period. Serial dates it to 1936 I believe. The salmon dial has survived remarkably intact including the minute track. Stern Freres dial. Cal 249 movement with an interesting "M" stamp. My understanding is that this was used to denote a steel case (or at least one not made of gold) in the French market i.e. M for "Métal". Is anyone able to confirm this? It's also interesting to note the "3" and "8" numbers stamped on the back of the case between the lugs. On some of these early watches we see the last three numbers of the serial number but that is not the case here as there are only two numbers. Could it simply be a date stamp denoting 1938, perhaps when it was sold? I made a half-hearted attempt to sell it yesterday but I'm growing more fond of it by the hour.