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The more jewels the movement is set on then the smoother the watch will run and as such generally speaking the more valuable it will be.For Elgin specifically the term railroad grade is significant.
Honestly that is an impossible thing to achieve, so instead I have created an Elgin pocket watch appraisal article for you to read.Like us human beings not all watches are created equal and it was the same when Elgin was producing pocket watches in the 1900s.All movements are set on jewels with the bog standard being 7 jewels.If you have done this type of appraisal then you are very close to ascertaining a truer value.The general information captured above will quickly lead to an initial idea of value.Placing any type of value on an Elgin watch just can’t be done with any degree of accuracy or confidence.
The best experts in the world would not attempt this, unless they had the actual watch in their hand, and their trusty eye-glass with them.
Hopefully this will at least help and guide you along the way.
However please be advised that if you want an accurate value, then you need to take it to an expert.
Many people believe that the case is the most important thing and when advertising focus on that.
For real collectors this is useful information, but we are much more interested in the movement.
Ask for two quotes, as you will need an auction or real value quote and a quote for insurance purposes.