Looking at the font of the "E", I would guess this watch was manufactured at the end of or, after Elgin ceased production in the US. The company went bankrupt and the name has been volleyed about for the last few decades. Some production occurred in Europe and finally, and sadly, it has ended up in Asia.
GeneJockey might have a closer estimation but, I would hazard a guess that this watch might have been produced during the European/German years.
Cleaned up and running, it could likely be a dependable watch but, not of great value, either monetarily or as a collectible. But, unless you paid a large sum, I am sure you didn't get hurt. :001_smile:
As Rob says, the 'E' logo helps place it. The adoption of that logo coincides with the end of production in Elgin IL. After that, for another 4 or 5 years, Elgin exclusively cased imported movements in their facility in Elgin SC (which had changed its name in order to get Elgin to move there).
Depending on what it says on the inner and/or outer caseback, it may be from that era.