This is an Elgin grade 303, 12 size, 7 jewels, made about 1933. The grade 303 was on of the most popular watches Elgin produced, and a lot of them are still ticking today.
Here are several other examples.
This project includes a couple of lathe operations. It needed a balance staff, and one of the balance jewels.
The old staff is removed by cutting away the back hub in the lathe.
When needed, as in this case, a special jewel chuck can hole a bezeled jewel while cutting down the thickness of the bezel.
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