How do I set the time?

Stem-wind watches often have a small lever hidden under the bezel. You pull the lever out with a fingernail, then turn the crown to move the hands. Pin-set models require pressing a tiny button on the side of the case. Keep the button depressed while turning the winding crown to set the correct hour.

I found an old key wind pocket watch in my grandfather's drawer but the key is missing, so can I just use pliers to wind it up?

Never use pliers on the winding square. The steel jaws will chew the brass or soft steel post, ruining the metal rapidly. Watch keys come in standard sizes numbered by the width of the square hole. Dealers sell gauge wheels or star keys with multiple prongs. Buy one of these to test the fit before finding a single key in the correct size.

What does adjusted to positions mean?

Gravity pulls on the balance wheel differently depending on the angle it sits in a pocket. Adjusted means a watchmaker tuned the movement in various resting angles. More positions mean more time spent regulating the mechanism.

When you open the back of the case and look at all those little gears, does it matter if the ticking sound is fast or slow when it runs?

The speed of the tick relates to the beats per hour. Older verge movements have a slower, deliberate beat. Later lever escapements tick faster in comparison. If the watch gains or loses large amounts of time, the hairspring might be sticking. Sometimes old oil turns to a sticky paste and slows the gears down. A watchmaker can clean the train and re-oil the pivots. This regular maintenance gets the swing back to a healthy amplitude and restores the timing.

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Antique Fob Watches

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Small timepieces attached to a short chain or ribbon worn in a waistcoat pocket, antique fob watches shifted the mechanical clock from the wall directly onto the body.