This is a wonderful Waltham "Vanguard" pocket watch. It's a size 18, Model 1892, and dates to about 1902 [serial number 10538354]. It has 23 jewels with gold screw down jewel settings and matching gold screws, and is adjusted to 5 positions. It is stem wind and lever set and is most definitely a railroad grade watch. The watch is in a very heavy Fahys "oresilver" case. Personally, I think the model 1892 movement is one of the finest looking watch movements ever made, and this is highest grade they made in this model.