Curious, I have seen Elgins of this era but not with the roman numerals. The biggest question I have is can the face be refinished? The watch runs great. Is it of any value? It says 14K on the inside, is it solid gold or plated? Serial number in the case is #120266. On the movement is #T649612 Thank you!
The face can be refinished, your watchmaker should be able to direct you there. Looks like solid 14k to me. These are common watches with not much demand at the moment, value is not too far off the gold scrap. Add $100 to that value if you want to be generous.