OMEGA 17 JEWELS Cal 371 MECHANICAL. Thinking of bidding on this. Worthwhile?

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Agreed, no. If you aren't able to identify repainted dials and other condition issues, you might want to focus you attention on watches recommend on the forum or for sale in the sales section.
 
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Obvious rust! The greater concern is where else is there rust where it is not as obvious? Spend your money on quality watches at a perhaps higher price, than to spend your money on repairs!
 
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Thanks for the great information. I appreciate it all very much.