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We could probably give you better advice if you told us more about its actual condition.
Is it even running? Is the exterior in good or bad shape?
Possibly you can have a few smaller issues addressed by a local watchmaker enough that the watch runs and looks okay. Give the watchmaker a budget--'how much can you fix this up for $250?'
I agree with the others that there is no need for a full restoration unless you plan to use the watch yourself on a regular basis. $1500 would buy you a very nice new Omega that you will likely get much more use out of than a pocket watch.
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