It's definitely real, but it is missing the crown and stem, and will need a full service as well. The cost of the service may make your head spin a bit - likely a bare minimum of $250, and that's assuming that no parts need to be replaced. The watch is gold plated, not solid gold, too.
Unless you really like it, I would probably suggest trying to sell it on ebay, as the cost to service is about the same as the value of the watch if it were working. You can probably sell it for $200+ on ebay, but that's just a guess - not based on any specific knowledge.
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