Real or Fake?

Fakes of that vintage are usually pretty ugly dials. i'm going to go with 'real but in rough shape'. Its a watchmaker's-special (for the right price, I'd go for it). The caseback engraving doesn't match the rest of the case condition, so something goofy is going there.

To ME, as someone who would get it to work on (and figure that a service/repair parts would be more than its value anyway, so no money to be made) it would depend on the price.

I'd need to see evidence of life (either a good photo of the hairspring/complete movement photo, or some evidence that it is running not awful) to spend more than ~$250-300, and even then, probably not much more.

Hand/date position wouldn't worry me, that likely means the last watchmaker messed it up, or the hands slipped (much less likely!). Either way, I'd not be horribly concerned with that, as a project.

Watch is genuine, bracelet is after market.
Dial has a bad case of bubble corrosion, movement will need work.

Unless it's cheap I'd walk away.

Jan is a hobby watchmaker I'd gather, so like me, our requirements for watches are different. Watches that many of you would give up on as not good enough condition (particularly if I'm not bored of the movement kind yet!) are entertaining in their own way. I bought a bumper that someone brought here for a bit over $300 despite a redial, so that I could have a 'complete' watch to play with/get to service.

IMO, I would buy this watch for the low-few-hundreds, and spend a few hours cleaning it up, maybe buying a new crystal, and having a good time and end up with a half-decent watch I can sell cheap or give away.

Here's my collection of watches (other than top right!) that are exactly this case for me! Each arrived in some state of disrepair/ugliness, and some still have marks on the dial that make them less than awesome. That said, its a fun collection (though, I don't wear them, I still am neurotic about wearing watches I repair, even though I force myself sometimes)!