The regulator is actually not missing - semantics but as a watchmaker it's important to me if not anyone else. The fine adjustment for the regulator is missing, but the regulator arm and pins still are there from what I can see. The watch can still be regulated by moving the arm directly, which is how most watchmakers do this anyway - we really don't use those fine adjustments much if at all.
That said it looks to be in sort of rough shape overall.
Cheers, Al
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