This is Elgin's motor mainspring barrel, used on railroad watches, and higher end movements generally.
The moving part for winding and for running, in this design, are separate. The jeweled bearing on which the barrel turns in independent of the winding arbor.
Threes screws attach the ratchet wheel to the arbor, for winding.
This watch is a grade 540, 16 size, 23 jewels, made about 1940. It is marked for marked for Benjamin Wright Raymond.
There are several types of pocketwatch cases, but one of the most common open-face types has three parts. There is a front bezel with the crystal, a middle ring that holds the movement, and a back. The front and back tread on to the middle part.
They don't get much better... These watches represent the height of timekeeping technology of their day.
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