I was really excited to find (and win) a very interesting and better grade private label (PL) Waltham on eBay recently. The movement arrived and its pristine condition prompted me to ask the seller if he knew anything about the case, which must have only recently been melted. His response to me was really depressing: “Yes it had a gold hinged case and I scrapped it. Simply the only correct economic decision. People simply will not pay 100 percent of the gold value. I do it about 200 times a year.” This scrapper has been a member of NAWCC for almost 30 years. These PL Waltham’s are lovely triple-signed watches - movement, dial and case. The heavy gold cases were probably made by Jeannot & Schiebler and I think most of us would gladly pay more than scrap for a complete and original watch like this. These cases are irreplaceable and, unless we want to just collect movements, we need to convince the collectors as well as educating the scrappers that good cases, even if a little worn, are worth more than the metal value.