The upper balance jewel here is loose and sitting what looks like a normal jewel bezel that has been mutilated into a sort of cup. I have here images of the bezel, what's left of it, face up, face down, and one showing a proper replacement jewel.
In addition, the cap jewel was turned 90 degrees off, so that the screws held it down a lot further, lowering the jewel, into the balance cock. You can see the semi-circle cut aways on the cap bezel that the screw heads fit into what the bezel is in the proper position.
My Grandfather said many times "you never know what you'll find when you get into an old watch."
He wasn't kidding...
This is a grade 217 Elgin, 18 size, 15 jewels, this one made about 1903.
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