Waltham 23j Vanguard model 1892 Railroad grade.

Heavy 18 size railroad watch made by Waltham Watch Co. in 1903.
The model 1892 movement was the final 18 size watch made by Waltham, this one is the top grade Vanguard and has 23 jewels, a fully capped Swiss lever escapement with double roller, sapphire pallet stones, gold timing screws and a "Church 1892" micro-regulator. It also features a fully jewelled patent "safety spring barrel". The movement is finished with a damascened pattern, gilt coloured inlaid script, and raised gold screw set jewel settings. This all represents the peak of the watch makers art for the period.
This watch was last serviced in July 2025 and it's running strong and reliably whilst keeping good time. The watch is crown wind and lever set (withdraw the small lever by the 2 and rotate the crown to set the time) Both functions working well.
 
This movement is housed in a nickel swing out case whereby the movement is fixed to an internal solid ring that itself is hinged to the main body of the case below the 12. The whole can then be swung up out of the main body whilst still remaining attached to it. These are probably the most protective cases made as they are formed from a particularly heavy gauge of material and the movement is to some extent isolated from external shocks. Additionally having just the one removable cover there is less opportunity for the ingress of dirt and foreign matter.
This case is in good order with no dents or dings, and the screw on/off front cover does so easily whilst also closing down square and tight. The internal hinge and associated movement ring are also in good order. There is a gold embossed "Choo Choo" train on the rear.
 
The white enamel dial is in fair condition as there is a chip to the edge by the 9 although this is covered by the bezel when in place, and there are a couple of faint hairlines. Please see the photo.
A very good set of heavy blued steel hands under a good acrylic crystal complete the picture.
 
Overall a solid railroad watch in good working order.