Omega made both split second timers (stopwatches) and chronographs (which show real time in addition to the ‘timer’ function) – both using Lemania movements. Yours is not just a ‘stopwatch’, it is a chronograph.
There is a good coverage of all the ‘Olympics’ in the Omega book ‘A Journey Through Time’, the MG1185 is on Page 572. The section covers the movement and a description.
You included the word ‘price’ in your post – does that mean you’re looking for a value? Do you want to keep your Grandpa’s watch, value it for insurance, or sell it? Prices vary a lot (of course) depending on point of sale (eBay, auction, private sale etc): I guess yours might be between $1000 and $1500 (others might disagree).
I hope that helps.
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