Federal - Colt - 1900-1949

Federal is a trade name used on pocket watch movements manufactured for the Rosenfield-Simone Jewelry Co. by the Illinois Watch Co. in Springfield, Illinois, USA, which operated from approximately 1869 to 1948. Watches bearing the "Federal" brand were also produced in Switzerland by other manufacturers.
The 7 jewels serve as bearings at key points in the movement to reduce wear. 7-jewel movements were usually budget options in the past and were not designed to keep extremely accurate time.
The watch has an open face and is marked "SWISS MADE" at the bottom of the dial, indicating Swiss origin. Such watches often date from the 1880s to the 1920s.