My Dad's old Seamaster 2849-2SC

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I advise that you bite the bullet and get it properly serviced with a new gasket, get a new lizard band and wear it for the rest of your life. You will feel differently about wearing it afterwards and you'll be passing on a working beautiful watch to your son one day.
 
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How much does service cost in the US? Here in Germany just movement service should be around 100-150 (and 150 will include ultrasonic cleaning of the case).
That is a hotly-debated topic. Service can range from almost nothing to quite a lot depending on who does the work. Some places, like New York, have a plethora of watchmakers who are all competing for business, so they don't charge much. Others charge more. Omega charges $550 inclusive of most parts. I've been using Nesbit's for my modern Omega service, and their prices are similar. My local watchmaker charges quite a bit, but he goes above and beyond to not only disassemble, clean, reassemble, and lubricate... he actually adjusts my vintage watches to keep time as well as they did when new.

I am convinced that many watchmakers do not take a lot of time adjusting vintage watches. If it more or less meets the specification, that's what you get. For example, a tolerance of daily timekeeping for the 565 movement is as follows:

Fully wound, average of dial up and crown left: -2 to +10
24 hours after full wind, average of dial up and crown left: -10 to +30
24 hours after full wind, positional error (dial up minus crown left): 20 max.
(Quoted in a random document purported to be from Omega and some years old as it was typewritten.)

A properly-functioning 565 can be adjusted a lot better than this, but if it meets these specs after reassembly, who cares, right? It's an old watch, you want good timekeeping, buy quartz! Now, I don't agree with that opinion, but many think that way. Since it is difficult for independent watchmakers to get parts, you can forgive them this to a point.

So, when someone says they've paid $600 for a service, do not assume they were ripped off. It varies by location, who does the work, and how much work was actually performed.
 
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Hi there. Yes, I've agonised about whether to service it. At this stage, I'm not planning on wearing it on a regular basis so servicing could be an expensive exercise for little benefit. From what I can see, it will also need new period correct hands because the current ones are corroded. In addition to the case, the dial might also need a clean as I can see small spots on it. I had originally thought about getting a nice strap for it so I could use it as a dress watch with a suit or tux. But now, I think that it doesn't quite look "dressy" enough so I've cooled off on servicing it.

If you don't plan to wear it, just leave it in the drawer. If you get it serviced, don't be tempted to "restore" it. In particular, do not replace the hands and absolutely do not attempt to clean the dial! Personally I would not polish the case. A cleaning is enough. I would just keep it as faithful as possible to the watch that your father gave you.
Edited:
 
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This is a great, honest watch with family provenance - it doesn’t get much better than that. Not in the same league, but I’ve got my dad’s 70s Seiko that I still wear in the rotation. It’s a nice way of remembering him.
 
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If you don't plan to wear it, just leave it in the drawer. If you get it serviced, don't be tempted to "restore" it. In particular, do not replace the hands and absolutely do not attempt to clean the dial! Personally I would not polish the case. A cleaning is enough. I would just keep it as faithful as possible to the watch that your father gave you.
That's what I'm doing right now. It's in a drawer as I already have other watches that are in better condition which I can wear on a daily basis. For me this watch is more a keepsake than a wearer.
 
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This is a great, honest watch with family provenance - it doesn’t get much better than that. Not in the same league, but I’ve got my dad’s 70s Seiko that I still wear in the rotation. It’s a nice way of remembering him.
Hi there and thank you.
On the subject of 1970s watches my Dad also gifted me this Citizen, which replaced his Omega. His current watch is a modern Seiko 5. Dads must love Seikos! 😀
 
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Thanks for your offer of help. If I do decide one day to service it, I'll give you guys a yell.

Please note:

This watch shouldn't be running AT ALL before getting serviced. Running an unserviced watch can very well damage the movement, so if you're on a budget, service your watch. 😀
 
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Please note:

This watch shouldn't be running AT ALL before getting serviced. Running an unserviced watch can very well damage the movement, so if you're on a budget, service your watch. 😀
Hi and thanks for your input.
Yes, I'm aware that running a watch that hasn't been serviced for a long time is a bad thing. I've only done it once or twice (before I knew better!). As I'm not planning on wearing this watch on a regular basis right now, I've decided to just keep it safe. Who knows? Maybe one day I'll change my mind and that's when I'll get it serviced.
 
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Nice gift from your dad! I can understand your excitement I am in the same situation just enjoying my dads Omega which he presented to me recently. Cheers
 
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Nice gift from your dad! I can understand your excitement I am in the same situation just enjoying my dads Omega which he presented to me recently. Cheers
Thank you for your kind words.
I've seen your post about your Dad's Omega too. It's a beauty. We're both very lucky.