claussclocks
NAWCC Member
Just one man's opinion: If the movement matches the dial, then it's a pretty desirable, although probably not really uncommon, American railroad grade watch. The case is desirable, as it is a rather classy, IMO, number 206 case. This is one of the more valuable cases to have with a Bunn Special. The dial looks excellent, the hands look original to me, and the case doesn't appear overly worn, albeit the bow shows typical wear.
The best time to be a seller of such a watch was probably 10-15 years ago, when railroad pocket watches were more popular with the existing collectors. Still, it is desirable, and appears to be in good shape. The kind of price it would bring depends on the exact movement. Sometimes they are a rarer variant of the Bunn Special that may bring a much higher price (161 or 161A grade). If it's the most common variant in the nice 206 case and fully marked dial (Illinois Bunn Special 21 Jewel 60 Hr), and the case isn't worn to the brass, it should easily command $450-$550, IMHO. The owner should try to unscrew the back and see what it says on the movement. If it is marked with a 161 or 161A, they'll be fortunate, and it will be more valuable. That said, there are many here who deal a lot more in RR watches, Illinois in particular, who can render a better opinion than I. I haven't been spending a lot of time looking at this type of watch for a few years. You might check completed online auctions to get a realistic idea of present value. Good luck. Cheers.