IMO, it has been refinished, & is very worn.
The gold bezel is very worn around the outside edge, to the extent that the corrugations are completely gone from the outside half of the bezel.
I suspect the bracelet is just as worn, & looks to have large gaps between each link.
The case surface outside the bezel has been refinished. Notice the fine scratches. These should travel in strait lines from to p to bottom. But in this example, these scratches curve around the bezel. I conclude somebody refinished the case without removing the gold bezel.
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