Interesting watch.
Based on other examples it's genuine and not as some would think, a fake or Franken.
An explanation by "Chascomm" over at WUS.
Incidentally, the history of Ingersoll is much wider than many US collectors realize. In 1912 they set up a subsidiary in London assembling US parts. The soon switched to local manufacture. When Waterbury bought US Ingersoll the UK branch remained independent. The ceased local manufacture in 1929 and started importing. In 1947 they entered a partnership with Smiths to set up the Anglo-Celtic Watch Company to again build watches in the UK. The pulled out of the partnership in the 1960s and switched to European-sourced watches. Looks like they were buying Soviet, too. More recently the brand has changed hands, hence the modern German-owned Ingersoll that's big on American heritage but source their watches from China.
So you see, there is nothing illegitimate about a Molnija badged as Ingersoll. And the Serkisoff Turkish railway style is the most common pattern for Molnija's OEMed for foreign companies.
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