Help me identify my grandfather's watch / How much should I spend on its restoration?

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I recently found my grandfather's watch collection and this piece stood out of the others. Please help me identify it. Does it hold any value? Also I'm thinking of restoring it and giving it a second life, I'm not a big watch guy so I would appreciate some guidance on how much a restoration of such a piece would cost.
 
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As marked inside the case back your watch is a reference 2271, the serial number on the movement dates it to ca 1948/9.

Have the movement serviced and the case ultrasonically cleaned (do not polish it) and do not attempt to clean the dial. The crown is an incorrect replacement which could be replaced with a more appropriate one.

A service by an independent watchmaker (preferably one with an Omega parts account) should run a few hundred dollars.
 
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It's a "Gents Omega", no model name which wasn't unusual at the time (approx 1949).
The movement is a caliber 265 introduced in 1949 and is one of Omega's highly respected "caliber 30" series.

Service cost will depend on what part of the world you are in.

Here is an extract from the OVDB showing details of the solid gold model.

 
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I totally agree with the above. A movement service and a better crown is all I’d consider doing.
 
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If you’re not going to do a full restoration (value of watch not really worth it). I wouldn’t bother changing the crown

Clean wrist cheese off any case parts, but don’t polish.

new generic crystal

Service. Movement looks in nice condition
 
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A service by an independent watchmaker (preferably one with an Omega parts account) should run a few hundred dollars.
I am beginning to believe that a regular service for a few hundred dollars is a mythical beast..,unicorn, even. Everything I can find is 4-500 dollars for a disassembly, clean, reassembly and lubrication.
 
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I am beginning to believe that a regular service for a few hundred dollars is a mythical beast..,unicorn, even. Everything I can find is 4-500 dollars for a disassembly, clean, reassembly and lubrication.

When my watchmaker was alive (passed away in 2008). I paid $25 - $35 for manual or auto

He had a store, but somewhat retired. A friend sold jewelry. He did some work. Sort of a meeting place.

I got these prices as I sold him Omega or Longines parts at my cost. Plus as I was always running up to the parts supplier. I picked his orders up saving him time.

When he passed. I basically stopped restoring. Also didn't help as my dial refinisher also retired
 
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I am beginning to believe that a regular service for a few hundred dollars is a mythical beast..,unicorn, even. Everything I can find is 4-500 dollars for a disassembly, clean, reassembly and lubrication.

Have you tried finding someone who’s not paying rent for a shop in a major city?
In the country where I live prices vary widely depending on location.
 
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It's a nice example and well kept, besides the wrist cheese which will clean up very well. Just get it serviced, polishing it would ruin the sharp bevels..