The Vintage Wrist Watch Company has dated this piece to the 1920s.
The movement is working nicely, and it is all protected by an inner hinged cover.

The watch measures 50mm diameter excluding the winding stem and crown. The case is niello ware… niello is a black mixture, usually of sulphur, copper, silver, and lead, used as an inlay on engraved or etched metal, especially silver, in this case 800 silver. It is added as a powder or paste, then fired until it melts or at least softens, and flows or is pushed into the engraved lines in the metal. The case was made by was made by Gustav Rau, a case maker from Pforzheim... his bison trademark can be found inside the front cover.

All three covers are hallmarked for 800 silver, and there are German hallmarks of a crescent moon and crown (Halbmond und Krone)... this mark was introduced in 1886 to replace individual city marks. The case is in superb condition. The front has a rose gold cartouche with initials.

The winding crown pushes in to open the front cover. Inside, there is a glass lens which is in lovely condition.
The dial is signed Favor, a brand name registered by Schätzle & Tschudin, Pforzheim, Germany… the company was founded in 1909. The dial has darkened with age but still easy to read the time. Original blued steel hands.
The watch comes with its original, very unusual, niello ware albert, 21cm long. Again in beautiful condition and original to the watch.
The watch and chain come in a new presentation box.
The Vintage Wrist Watch Company has dated this piece to the 1920s.
Specialists in antique and vintage wrist watches and pocket watches
You can view the stock and full dealer information on the The Vintage Wrist Watch Company Profile Page