If he doesn't already own one, I would recommend a full set of shaving tools; proper DE razor, good brush, stand and a bowl + a good soap.
When the nephew turns 13 or so, buy him a similar set
I realise that it may not what you asked for, but every time I get the urge to do something similar to what you wrote, I hold back as I know that while it is a nice thought, a watch that is meant for a father to hand down should be a watch that he has chosen himself.
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