This one is an American Waltham "No. 620", 1908 model, 16 size, 15 jewels, made about 1913.
The teens into the '20s are sort of a golden age of American watches in my opinion. The technologies used in their manufacture had developed nicely. Everything works, everything fits. And yet there is still a great deal of decorative finish. This era produced many fine watches, at reasonable prices for consumers.
Excellent workmanship, everything is in great shape, almost no tool marks.
There is a small issue with winding/setting. In setting mode the shipper spring that pushes the clutch (upper left) toward the middle to engage setting is a little weak with age (old steel). The clutch has a tendency to "skip" against the idler gear (under the round cap), that in turn moves the minute wheel, which in turn forces the cannon pinion (center) to turn, slipping on the center shaft. The minute hand rides on the cannon pinion, so this is how the watch sets.
The first thing one might do about the skipping is to loosen the cannon pinion so the watch sets easier. In this case though the cannon pinion is in excellent shape. It's grip on the center shaft is perfect. I don't want to ruin that. If a cannon pinion is too loose it will slip all the time, when the watch is running, and the hands will not move even as the watch ticks away.
In the case, it turns out, the issue is greatly reduced. The stem depth has been previously adjusted just right so the arbor maximizes the push of the clutch in winding mode. I'm just going to leave well enough alone.
Another option would be to re-tension/harden the shipper spring with heat. It's a judgement call, but my general philosophy with these antique watches is to do as little as possible. Leave no footprints, as it were.
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