That's a grey area..
Hi lowfell,
I'd say that watch is a long way of being a fake.
I'm not an expert on Connies, but If you visit Desmonds Connie Blog you can find out a lot mnore ( & even E-mail Desmond directly ).
I'd say a Fake is a watch which either contains mostly non-genuine parts ( or a key part like the case or movement etc ). Alternatively a genuine watch modified/changed to look like a rarer ( & more expensive ) model.
"Under" this you have "franken-watches" Which have been made of variuos ( usually genuine ) bits, sourced & combined outside the factory.
Then you restored/refurbished watches, which are genuine, but have been rebuilt using so many new parts that they can't honestly be called original.
Then "original"...
& finally "NOS" New Old Stock. which is as it say NEW.... & not refinished to look like new.
The boundaries between these catagories are somewhat grey.
Obviously a NOS or watch that is in very good condition will usually command a watch which has been worn a lot or is showing signs of much use.
I guess it's upto the buyer to decide what the watch is worth to them. If you are looking at buying, with a view to collecting & speculating on the value, I'd suggest doing a lot of research ( as you appear to be doing already ) & taking your time looking for the right examples.
Best of Luck
Steve