Unusual patina on this one...

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Looks like just a bit of welding slag......

 

Or the ablative heat shield failed on re-entry...

 

Give that man a coconut.
That's how most of my watches ended up when I was working in boilers.

 

Ah, a unique "Blob Next-To 275" Bezel.

 

It's a good buy, comes with extra metal

 

An early Liquidmetal® prototype ?

 

I once serviced a vintage Rolex for a gentleman who inherited it from his father. It also had weld spatter (not slag - different thing) on the case, and he was quite adamant that I preserve this and not remove it. For him it was part of the history of who and what his father was.

 

^Yes sir Archer. I misspoke. It is spatter and not slag. I totally understand someone wanting to keep the look if it was a family watch. On the other hand, being a hobby MIG welder, I would very much enjoy witnessing the repair of a speedy case like the OP posted.