Welcome to Watchuseek! I think that it will be difficult to say much about that watch since it's so different from what we usually see here that there is little to compare it to. It should be from around the middle of the 19th century, well before the advent of the 20th, and has been decoratively skeletised so that the original movement shape cannot be distinguished any more. As a gimmick, they've added a dial side compass, independent from the rest of the watch.
Made for naval service? Maybe, but definitely no substitute for the ship's chronometer. For one thing, magnetism affects the movement and the running of the watch badly so they wouldn't take a chance adding it to any watch that was meant for high precision timekeeping.
Mi Chronometre. The case is not the original for this movement, just someone put the movement in this case which is from hand wound pocket watch and the movement is key wound from the end of XIX century.
Well, this watch is pretentious kitsch of its time. Made around 1850 to 1880 I would guess, key-wind and key-set. Times had been difficult and not everyone could afford a portable watch, not to speak of higher quality, which also has to be kept in mind when looking at such a 'fantasy' timepiece.
You find a lot of these watches with false or misleading labeling like 'Chronometre' (French for chronometer), 'Observer', 'Marine Observer' (which would put it into the highest category of precision needed) or at a later stage, producers were pulling the wool over peoples eyes, suggesting a railroad grade, often just with a locomotive on case or dial.
Technically, they are all the lowest level, but nice to look at, especially, when they come along with a compass (which really works, like the watch itself).
From a collectors point of view (leaving aside a family heritage, which has its own value), they are really not worth looking for. On the other hand, they have their own value when it comes to look for curiosities and are splendid examples, that fake or misleading watches are not just an invention of our time.
I myself have a few of them. The most prominent example is the MI-Chronometer, which is far away from chronometer quality and nobody knows what MI means. It's like a replica Ferrari based on a Ford Pinto called MI-Ferrari.
The MI-Chronometer also has sawn plates (often done in home based work by peasants and farmers during the wintertime) and a compass. It claims to have 22 jewels which, except for one, can't be found anywhere. They even left the space before 'rubis' (jewels) blank, so everyone could engrave his own desired quantity.
Lowest quality from a watchmaker's point of view, but priceless as an example of human behavior.
Of course, in your case, you should hold this watch in high esteem and enjoy every day it is running.
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