For those who think that antique watch collecting is the way to riches, let me tell the story of my grandfather's Elgin.
1893 - My grandfather MacDonald buys a 7 jewel 18S Elgin in a cheap Silverode case. Cost - maybe $20.
1937 - After my grandfather passes away, my uncle gets the watch. He's got a Rolex wristwatch by then, so the Elgin isn't of great interest to him.
1976 - The watch sits neglected in a drawer at my uncle's home with a missing winding stem and crown. He gives it to me. A hobbyist friend fits a new stem and crown for about $30. The Elgin comes alive.
2002 - Watch has been in storage at my home for over 25 years and now has a broken mainspring. I resolve to fix it once and for all, spend $300 on a total rebuild and cleaning. It runs like a top and looks great.
2008 - 1893 Elgin's approximate value on eBay - $70. Its value to me as the only souvenir of a grandfather I never knew - priceless.