Hamilton · 21 jewels · 18s · 1898–1928
Before the 16-size 992 caught on, a railroad man's Hamilton was usually the 18-size 940. Fratello dates it from 1898 to 1928 and counts more than 200,000 made, so there are plenty to choose from. It's a 21-jewel, lever-set movement in an open-face case, and the same movement in a hunter case was sold as the 941. The earliest ones don't carry a grade number on the plate, since Hamilton began engraving grade numbers a few years into the run, so you identify an early 940 by its serial number. At 18 size it's a big watch in the hand. The Hamilton Chronicles restorer thinks that's partly why so many nice ones survive, since railroad men moved to the smaller 16 size when they could and the 940s got less use. Cases vary a lot, from gold-filled cases sold with 20- or 25-year wear warranties to silver-colored silveroid base metal.
The grade
The 940 was Hamilton's most common 18-size railroad grade, and the 941 is the same movement for hunter cases, which railroads didn't approve. Early 940s don't have the grade number engraved, so the serial number is how you confirm one. Make sure the case is open face with the crown at 12.
Old gold-filled cases are often worn through to the brass, and the enamel dials crack, especially near the dial feet. Bezels and backs can feel stuck when they're only dirty, so don't assume cross-threading until it's been cleaned.
Buying guide
We'd buy the 1906 940 titled works in a gold-filled Model 1 case at $299 delivered, near the bottom of the band. There are about 95 for sale and most ask $290–575 delivered. Early 940s may not show a grade number, so ask for a movement photo showing 21 Jewels, look up the serial to confirm it comes back as a 940, and make sure the case is open face with the crown at 12, since a hunter lid means a 941. Skip the one titled 18 jewels, which doesn't fit a 21-jewel grade, and check the seller's feedback on the item page, since eBay's pocket watch search doesn't show it.
$21.49est. delivered
The lowest current price on a 940, a 1907 Model 1 with a fob, but the auction has 3 bids and will climb. It isn't titled running, so stop below the $299 best-value pick.
1907 Hamilton 18s 21j 940 Model 1 Railroad Grade Pocket Watch w/ Fob #WB6364-5
$299.00delivered
Titled 1906, Model 1, 21 jewels, gold filled and working, at $299 delivered near the bottom of the band. Look at the case edges for brass showing through, since old gold fill wears thin.
1906 Hamilton Grade 940 Model 1 Railroad 21j Pocket Watch Gold Filled GF - WORKS
$100.00delivered
The only 940 here titled serviced and running accurately, but it's an auction with 17 bids and will climb. We'd stop near the $575 band top, since most 940s asking that still need the service this one has had.
Antique Hamilton 940 Pocket Watch/Serviced/Accurate Running Cond. Free Shipping!
Delivered prices include shipping as eBay quoted it to a US address on Oct 10, 2026. Many sellers charge by distance, so your total may differ. eBay shows yours before you pay.
Snapshot
Checked . Some may have sold.
Delivered prices include shipping as eBay quoted it to a US address on Oct 10, 2026. Many sellers charge by distance, so your total may differ. eBay shows yours before you pay.
Used$21.49est. delivered
$8.50 + $12.99 shipping
Auction · 3 bids
Good buy
Auction with 3 bids. Titled 1907, Model 1, with a fob.
Seller: Seller on eBay
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Used$299.00delivered
$299.00 · free shipping
Buy It Now$299.00
Good buy
Titled 1906, Model 1, gold filled, works.
Seller: Seller on eBay
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Serviced$100.00delivered
$100.00 · free shipping
Auction · 17 bids
Good buy
Auction with 17 bids. Titled serviced and running accurately.
Seller: Seller on eBay
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Used$350.00delivered
$350.00 · free shipping
Buy It Now$350.00
This seller takes offers, and many sellers accept less than the asking price.
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Our take
Nickel case, titled 1917 and a runner. Nickel sits below gold fill on value.
Seller: Seller on eBay
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Used$398.95est. delivered
$390.00 + $8.95 shipping
Buy It Now$390.00
This seller takes offers, and many sellers accept less than the asking price.
Fine if you might miss it? Send an offer first. Someone else can still buy it while you wait for a reply.
Want it for sure? Use Buy It Now.
Our take
Titled Model 1, gold filled, runs great.
Seller: Seller on eBay
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Used$399.20est. delivered
$387.50 + $11.70 shipping
Buy It Now$387.50
This seller takes offers, and many sellers accept less than the asking price.
Fine if you might miss it? Send an offer first. Someone else can still buy it while you wait for a reply.
Want it for sure? Use Buy It Now.
Our take
Titled 1903, RCA engraved case, runs.
Seller: Seller on eBay
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For parts$387.00est. delivered
$375.00 + $12.00 shipping
Buy It Now$375.00
This seller takes offers, and many sellers accept less than the asking price.
Fine if you might miss it? Send an offer first. Someone else can still buy it while you wait for a reply.
Want it for sure? Use Buy It Now.
Check the seller
Titled 18 jewels, but a 940 has 21, so count them in the movement photo. Also titled needs service.
Seller: Seller on eBay
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Used$2,904.95est. delivered
$2,875.00 + $29.95 shipping
Buy It Now$2,875.00
Priced high
Ball-Hamilton A.K. Jobe private label, titled running. About $2,330 over the band.
Seller: Seller on eBay
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