That is a real classic beauty.
What is funny / strange that back in the day 70/80's when people went in to service their steel watches and the service cost was $200 or $300 they would basically throw the watch away as the original cost of the watch was almost the price of the service. In contrast these gold watch cost $1000 dollars so they would spend the money to save them. This is probably why many precious metal Rolex survived over the ages.
Bill