This is rare 1960's Paul Peugeot $20 18K and 22K gold coin watch. This watch was manufactured with a real 22K gold US 1900 $20 piece. The watch movement is behind a spring actuated cover. The watch measures 35mm in diameter.

The watch is powered by a fine Swiss manual wind movement.

This watch is an excellent value considering that similar models from Corum and Patek Philippe sell for far more. 

This watch has been serviced and is running well.