water exposure?

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My guess is a poorly fitted aftermarket crystal that let moisture in.

 

I wonder where it’s bracelet went... massive wear on the midcase from it, but case back looks pristine.

 

sadly, im guessing one of the great melts that plagued the pocket watches when precious metal spot prices spiked

 

This looks to me more like lacquer degradation due to over-exposure to sunlight and heat.

 

Oddly, whatever happened to it, I kinda don’t mind it.

 

Ugh