This watch has been heavily restored. The crystal is sticking up a very long ways from the top of the case (normally sticks up a bit, but no where near this much), so this is caused by one of two things:
1 - The crystal has not been properly seated in the case, or
2 - The case has been so heavily refinished that significant height has been removed from it.
Based on the fact that this is clearly an old gasket holding the crystal in place (new ones are white and translucent), it would not have been difficult to seat the crystal properly, so I am leaning towards a pile of material being removed during the refinishing process.
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