I have noticed that unlike Hamilton and Elgin Waltham used black lettering and line decoration on movements for their finest models with exception of the 18 size model 1892 rr. I would like to know why and how the gold is applied. It seems to be more durable than the black. Lady watches by Waltham in better qualities could have gold lettering, but it was generally not used. I have a 1938+ 16S 23j Vanguard that has gold lettering as well as surface decoration I thought was not done by that time. Has a negative r.r. dial. Nice g.f. case. Never saw a 16s Maximus or Vanguard with gold lettering before. Maybe not seen enough? Add photo showing usual lettering on high grade 16 size.