I agree with pretty much everything that's been said here. The asking price isn't crazy, but if you're patient you can definitely find a better "honest" example for $1600. On the other hand, you probably wouldn't have much trouble getting your $1600 back on this watch if you ever tried to sell it, even with its improperly finished case.
That having been said, I'll offer this as a general comment on vintage watches (if not this one in particular): so many of the details we obsess over on these forums often become non-issues when a watch is on your wrist. I went through a similar thing recently shopping for a MKII, building up an extensive list of crucial collector-friendly requirements for my prospective purchase, only to be blindsided by a very imperfect bargain specimen I wasn't expecting. Much to my surprise, I found I really like my watch in its heavily patina'd beater condition, and I absolutely LOVE that I can wear it without fear of scratches and dings since they're already there.
So it's obviously good to know what you're buying and how it's been altered from its original condition, but there's something to be said for a piece that proudly shows its age, too. And I'll echo what others told me while I was actively shopping for a MKII--they look way better in person, warts and all.
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