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This is not necessarily a sign of anything nefarious as people often feel it might be. This is how watches were maintained back then, as it was quicker for the watchmaker to replace the whole unit, then take it all apart and service all the parts inside. This is actually pretty common on these watches.
I agree it's basically a sign of a repair, and from that perspective there's nothing wrong with it. Definitely not nefarious. But from a collector's perspective, it's probably not as desirable as a matching movement. This is where the watchmaker can legitimately roll his eyes at the collector. As you know, one of the most exciting things a collector can find is a vintage watch where the movement has never been touched, even though that means it hasn't been well-maintained.