Looks to me like this might be a model 1882, in which case it scores a couple of interestingness points for being either mis-recorded as a model 1873 or perhaps recorded as the wrong size, or perhaps it really is an outlier. Please can you confirm the dimensions?
Either way, it is still a quite modest, fairly common watch. If it has been recently serviced by someone who knows what he's doing then it should still keep very good time, more than adequate for most everyday purposes.
Most of the "value" is indeed in the family history.
Yes, welcome. nice american made watch. a bit of family history. i notice in your photos a bit of fingerprint on the plate below the serial number. Something to learn when handling antiques is your skin oils leave prints and will if left etch into the surface particularly of metal parts. so it is best not to touch the movemnt with bare fingers. if this mark has not set you can carefully wipe it off with a soft cloth taking care not to leave lint behind. Another No No is to blow on the movement to remove dust as your breath leaves liny saliva droplets that will also etch spots in the metal. I hope your new watch brings you happiness in owning a bit of history. Joe
All good info above. It's a very nice ladies pendant sized, or perhaps small pocket, watch. Better images of the case marks will be helpful for valuing purposes, but I believe I see an incused mark that has a good chance of denoting a solid karat gold content. Congratulations on your heirloom. Enjoy.