1950's Rolex

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I've learned not to bid on stuff I am not familiar with.
While the price seems attractive and daring as a risk of "what can I lose"...
You are going on a value assumption claimed by the seller's that he was offered $350.
When you look at these watches in this condition, they may very well be used for parts or purchased for their weight in gold.
If you do not have the know how, getting this watch serviced may prove challenging in sourcing parts, if that becomes an issue. More $$$ to sink in..
If it was such a screaming buy, it would have been bought by now.
There are 31 people watching this auction..
Also look at his feedback that he has been known to pull the listings if there are no bids on his auctions..
 
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Not I. Looks like a well worn gold plated or filled "boys size" watch.