If this were my Grandad's watch, I'd have it serviced (NOT by Omega), take off the old strap and keep it, put the buckle on a new strap and wear it proudly. It is a decent watch and a nice thing to have in the family. If you like it, don't wear it till you can afford to get it serviced. But if you are not sentimental about it and the cash is more important, sell it as it is. But while you can always get money eventually, you can never get another Grandad watch.
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