The reason this watch is not the other way up is because it was not made to be a lapel (or nurses) watch. It was originally made as a key ring watch as a motoring accessory. RachaelK, your watch has been adapted at some point in its life.
These key ring watches appear in the 1969/70 UMF Ruhla catalogue. Below is a photo from my Ruhla website of this particular watch as it should be. This picture was taken from an East German newspaper Neue Zeit, 10th February 1973.
The German text reads: On the chain one has the ignition key watch (with date indicator) not only for the car but also for your bag.
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