I have just go an old Omega wallet watch which I inherited from my grandfather.
Could anyone please help me with more information about this watch? Year, model name, price suggestions etc.

 

Somewhere in the mid 20s, give or take. Doubt it has a name. Price is "keep it".

Needs servicing.

 

The movement (mechanism) appears to be a calibre 38.5 L T1. You may notice the number 5 L under the rim of the balance wheel. I think the diameter is 38.5 lignes. Ranfft suggests this movement was produced between 1933 and 1948. The serial number reference I checked states that the serial number on the mechanism is from 1934. Model name? I would expect that if this particular model had a name, it would be somewhere on the watch. Perhaps an Omega advertisement from circa 1934 that showed that model might prove me wrong. Price? Are you asking what it might have sold for when new, or what it might be worth on the market today. A vintage ad might answer the one question, but you’ll have to go on line to see what similar watches in base metal cases sell for today. That is, what they actually SELL for, not what people are asking for them. I see current on line offerings in the $400 to $500 range. But do they actually SELL for those prices?

 

Based on case and serial numbers, the watch is likely from the mid 1930s. As noted, it is probably one of the 38.5mm movements. It's a great heirloom with an interesting two-tone dial. Watches like these don't bring a lot on the market, especially with condition issues. So the value is mainly sentimental for you.

 

Thank you for valuable information!