We really need some better photos, a close up, focused photo of the dial, and if possible if you could get a photo of the inside of the caseback and movement that would help too, but don't try to open it yourself, only do that with a jeweller's help.

What you've got is a Constellation, could be either gold-cap or solid gold, not sure which from the photos, a picture of the back of the watch would help in that regard (even with the caseback on). Its a Pie-Pan which is a plus, and its a crosshair dial, which is a plus. We can't tell if the dial is original without a closer and more clear photo but if it is original, that's a very nice example of a very popular watch.

 

OK, that's a solid gold watch, very nice! Can you take some shots of the markings on the inside of the bracelet clasp? Its probably not original but might well be solid gold too

 

Look how sharp the edge is on the bevelling of the bezel... don't ever polish that watch!

 

Its not going to pay for university, but personally I'd keep it if it were me. I'd sell the bracelet, its probably over a thousand alone if its 18K gold, but then I'd put the watch on a high quality strap and keep it for special occasions. Money comes and goes, but when your grandfather is no longer with you there are few things that will help you remember him as well as this Constellation.

 

Hirsch make nice straps in a variety of colours at an affordable price, you can easily get one off ebay with a matching gold plated buckle.

 

By the way, you need to preserve this watch, few points:

Don't ever get it wet, not even slightly
Don't ever get it polished, or have the dial touched
Don't get it serviced by anyone except an independent, vintage expert watchmaker
Don't ever change straps or take the caseback off yourself, let a jeweller or watchmaker do it

 

Uh, actually it looks to be a Ref. 14393, also with a cal. 561. There's a similar watch for sale on eBay right now:

http://www.ebay.com/itm/1961s-OMEGA...SOLID-GOLD-AUTO-DATE-MENS-WATCH-/271117624479Purchases made through these links may earn this site a commission from the eBay Partner Network





Don't go by the "buy-it-now" price as an indication of the value of your watch. Yours is in better overall condition and it has black onyx inserts, which makes it a lot more desireable that that eBay watch. You also have the original crown, which the above example doesn't have.

All in all a very nice gift and I hope you are able to keep it for many years to come,
gatorcpa