Checking the references listed in the Elgin Watch Co. Encyclopedia article, Elgin movement serial number 24122398 can be seen to be 16-size, 17-jewel, grade No. 387 movemetn, built in about 1921. You can see a catalog description of the grade No. 387 movement, along with a picture and where it fit in Elgin's line of 16-size watches on page E5 and E4 of the 1917 Oskamp-Nolting Catalog. This was a popular movement of which almost 358,000 were built. If one were to consider all jeweled watch movements as being separated into three grade groups; low; medium; and high; then this movement can be considered to be in the high end of the low grade group.
So, the movement is not rare or considered to be collectable.
I'm not completely sure that the case is really 14K gold. I'd like to see pictures of any other trade marks or stamping inside fo the case, you can ignore any "hand-scratched" characters, they're watch repairers' marks.
I'm sorry to say that as it says near the top of this page, in the menu bar, "No Appraisals." However, now knowing the proper description of your watch, you should be able to use a Google Search to find similar watches offered by internet dealers, or on eBay, and see what they are selling for. Alternately, check the value in the Complete Price Guide to Watches, No 27, C. Shugart, T. Engle and R. Gilbert, Tinderbox Press, Mount Pleasant, SC, 2007. A new edition comes out each year in January or February, so ask for the latest edition. The book is available at libraries, at most major booksellers and online at the NAWCC Gift Shop (ask about the current edition). Condition matters! Also, a solid gold case instead of a nickel or gold-filled case will make a difference as well.
Wow, thanks for your time and energy spent on my question. Sadly, I need to sell the watch and looking at Ebay, it looks like $3000 is not that bad of a place to start? Does that sound right? Again, I really appreciate your assistance. God bless you!
You're kidding, right? The amount of 14k gold in the case is likely no more than an ounce, multiply .585(the amount of pure gold in 14k) x $1400 for 24k gold and you get about $800 for the case tops if it makes an ounce, the movement is likely not that collectible being that so many were made, so $3000 is way off the mark, no one will even look at it. Check ebay auctions for 14k cased Elgins.