I was getting erratic timekeeping from this so I took a second look at the balance assembly from the top.
At first it seemed fine, I didn't see the problem. But after watching it for awhile, I realized that the regulator pins were touching the hairspring, barely, sometimes, during just part of the spring's expansion. The pins did look a little long, and the spring otherwise was good and flat right where it was. I decided to take a tiny amount off the pins and file the ends flat.
This explains a why the watch was adjusted clear over to slow when it came to me. It seems someone replaced the regulator or the pins and left the watch running very fast because of the contact. The watch was then adjusted as slow as possible to get it in the ballpark. With my fix, it then ran very slow.
I ended up setting the regulator close to the middle and replacing two large balance screws with a pair of smaller ones to get the rate back to normal.
This sort of thing happens a lot. Watches all have long histories of repairs on top of repairs with things done to make up for things done before.
See the entire album for this project here.
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