If you love timepieces you’ll already know that certain pocket watches have real investment potential. Elgin National Watch Company was founded in Illinois in 1864 and operated until 1968. The company was a giant in in the world of antique pocket watches with their precision engineering and fine craftsmanship.
Elgin watches are highly collectible and some specimens are a really worthwhile investment. If you are lucky enough to own a Elgin watch you might find it is more valuable than you think, especially an Elgin in pristine condition. See some expert watch investment tips from a Master Watchmaker here.
In this article we’ll offer some guidance and share some useful resources on how to get some idea of the value of your Elgin pocket watch – remember, most Elgin watches have some value, even for scrap and parts. But for information on the true value of your Elgin watch, you will need to consult a professional watch valuer or an Elgin pocket watch expert.
In 1864, at the end of the Civil War, the Elgin National Watch Company was founded in Elgin, Illinois. It was set up by Philo Carpenter, Howard Z. Culver, Benjamin W. Raymond, George M. Wheeler, Thomas S. Dickerson and W. Robbins to compete with the American Waltham Watch Co. In fact, in its early days, the founders convinced several Waltham watchmakers to swap loyalties and come to work for the new company.
The Elgin National Watch Company helped to establish a robust American watch manufacturing industry. The Elgin National Watch Company Observatory was built by the company in 1910 making it possible to maintain precise timekeeping in all their watches. The company produced US made self-winding wristwatch movements, beginning with the 607 and 618 calibres (bumper wind) and the calibres 760 (30 jewels) and 761 (27 jewels). By the time Elgin ceased operation in 1968, it had produced millions of watches.
Railroad grade watches
Following the great train disaster in America in 1891 (the tragedy occurred due to a faulty timepiece), Elgin (and a number of other watch brands, such as Waltham and Hamilton) produced watches to a new set of standards. To qualify as railroad standard, watches were required to meet the following criteria:
- Be 16S or 18S (size)
- Have 17 or more jewels
- Be lever set
- Have an open face case, with the stem at 12 o’clock
- Be adjustable to 5 or more positions
- Have bold legible Arabic numerals on the dial
- Have a maximum variation of 30 seconds per weekly check
Be aware if you are purchasing a railroad grade watch that some will be described as railway grade when in fact they aren’t. Read some more on the history of railroad watches here.
Factors to take into account when valuing your Elgin pocket watch
- Gather as much information as possible. Identify the model, grade, age, size and quality to help identify watch value.
- The number of jewels: The usual rule is the higher the number of jewels the more valuable the watch. The term ‘jewels’ refers to the industrial grade gemstones used as bearings in the watch mechanism, which prevent friction and wear of the watch mechanism. The higher the quality of the watch mechanism, the more jewels it will have. Some watches have up to 30 jewels. Below 15 jewels is considered a lower-grade watch. It’s not the jewels themselves that have the value, it’s the performance of the watch achieved with a higher number of jewels.
- Does the watch work? It may seem obvious, but a watch that is in working order will generally be of more value than one that needs a repair.
- Condition. Dents, scratches and damaged dials will all devalue your Elgin watch. Depending on the extent of damage, it may be worth investing in restoration work but always look for a reputable Master Watchmaker with experience of Elgin pocket watches.
- Elgin watch serial numbers. Serial number give clues to the date of manufacture for a vintage Elgin pocket watch. You need to open the watch and get the serial number off the movement itself. Elgin serial numbers are at least 5 characters long and may start with a letter. You can find information about Elgin watch models here. As a general rule, the older the watch is the higher the value, though other factors, such as condition will also determine how much your timepiece is worth.
Packaging can also influence the value to a lesser degree. Packaging or a significant story about the watch can increase its value.
words Al Woods
