Its a 21 jewel movement, adjusted 5 positions.Pendant set and wind. I like watches like this, not seen often.
It is in a case by the maker Regal and is sterling silver. It has quite a few jewellers marks on the inside of back case, it may have been used on railways here one time.
I saw one of these watches and thought it was really nice. It was owned by Fred Hansen and posted on the NAWCC mb. Its a unusual watch and not one seen often. No serial number on movement, but there is one under the dial.