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Good Condition
The replacement price of a pocket watch as established by an insurance company is often the basis for a watch's value. However, there are many other factors to take into consideration. Unused watches that are decades or even a century old are occasionally found. These rare items command a high value, as well as pocket watches that are in "mint" condition. Generally, these are watches that have never been carried, but were originally bought and stored away. Watches that have been restored and bear faint scratches are considered "near mint." A watch classified as "excellent" operates smoothly and has only minor scratches on its case and crystal. Price can vary widely. For example, a Waltham 1906 Railroad watch in mint condition sold for $1,280, while a mint condition 1896 Elgin with a 14-carat gold case sold for $1,339. A mint condition 18-carat gold Waltham with a rear key wind sold for $10,000, partly because fewer than 350 of this particular watch exist.
Lesser Condition
Pocket watches in "very good" condition may have tiny dents in the case and visible marks and show signs of age and wear, but in general are original and can be repaired to a better grade with some work. A watch in "good" condition has wear and shows signs of aging from usage and may be dented and dinged. Along with dents and scratches, a watch in "fair" condition operates, but may not keep accurate time and may have a problem with winding. A pocket watch in "poor" condition is battered and abused and is probably only good for extra parts. Watches in very good condition with gold cases have sold for $325 to $425. Others in good condition with some scratches and wear sell for $50 to $100.
Railroad Timepieces
As mentioned, a variety of factors can impact price. For example, following a terrible railroad crash in 1891, the Ball Watch Company formulated the Railroad Pocket Watch that operated on "General Railroad Timepiece Standards" and which were established throughout the railroad industry. The standards required the watch be open-faced with black hands and bold black numbers on white dials. They had a minimum of 17 jewels, kept time to within 30 seconds a week, included specific internal parts and were adjustable to temperatures from 34 F to 100 F, among other requirements. These watches were manufactured for Ball by Waltham, Elgin, Howard and Hamilton. Railroad watches in "fine" condition usually sell for $300 to $600, although demand by European and Asian collectors is driving up the price.
Intrinsic Value
It is important to keep in mind that there may be intrinsic value to a pocket watch. If it has been in a family for many years, perhaps handed down from father to son, the value may not be in dollars and cents, but in its history and its previous owners. Additionally, buying a watch that belonged to a famous or noteworthy individual or one that has a significant history can impact the value. In these instances, the value may be what a collector will pay for it if the authenticity of the watch can be verified.