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I would tend to disagree on some points. The use of the Rebberg movements in Rolex ceased in the early 20's. The more contemporary Aegler ebauches analogous to Gruen calibres began in the early 20's as a replacement for the Rebberg.

The Rolco, Marconi and Wilsdorf, etc., movements were generally based on Beguelin 18 and 51 calibres in the 10.5 size, the earlier being the sweep and the latter the sub seconds version.

The Wilsdorf versions were upgraded with cap jewels on the escape wheel. On his personally signed movements obviously he was going for something slightly higher grade regarding finish and performance. That being said...the Wilsdorf movements were never the quality of the Aegler Rolex movements or even Gruen for that matter. Aegler also made the Prince calibres which were virtually the same as the Gruen Alpina.

I don't believe that the use of these other movements was due to Aegler not being able to keep up but rather with the grade of watch being produced. In fact Aegler was the only manufacturer of Rolex in house movements up until the point where Rolex simply purchased the remainder of the company lock stock and barrel and Aegler S.A. was absorbed by Rolex.

A Rolco and a Marconi and a Solar and the many other off shoots of Rolex were after all NOT Rolex, and not priced the same...but rather a lesser tier, so the quality of movements were less. The full on Aegler 10.5 Hunter was far superior to the Beguelin 10.5 ebauches in every respect. One could hardly create a lesser expensive tier using the same top grade components. How could one justify the cost of the full on Rolex? So evidently, a lesser quality movement was chosen for the lower other brands.

Tudor I would consider to be the top of the sub Rolex lines. Though I don't believe it existed per se before the 1940's. I could research that but it is not terribly important here. Some of the early "Oyster" watches especially those made for the Canadian market would be mostly analogous to Tudor and that is likely what in Rolex's mind BECAME Tudor.

The Tudor movements were contracted from various manufacturers but were mostly a cut above the others sub grades we have mentioned.

If I were a betting man I would say that this watch has been redialed Rolco. The dial is extremely clean for a watch from the 20's...though that is not impossible. The SWISS MADE is a bit dicey looking.

I would like to see bigger and clearer pictures of the markings on the case. As with old pocket watches....that mount movements in this way with screws instead of case will be fairly easy to see if the movement is original to the case I would think. None of the dial feet miraculously line up between all of these various fact even in the 2 eras of full on Gruen style Aegler movements the dials won't interchange. One version has the ratchet wheel below and the other above the crown wheel. The dials do not interchange.

One thing for certain...there is no such thing as consistent or concrete with early Rolex. Just when you think you have a handle on it...some weird duck flies through your living room and poops on your book.
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