[MRM]

The old Omega Speedmasters are a very collectible watch, in addition to being very cool and having sentimental value. They are also a piece of history. The Omega Speedmaster was picked to be the watch for the first moon landing after a competition that some suggest were rigged so that they could win. Bulova's Accutron also won some NASA supply competitions because it was the first battery operated watch and used tuning forks to regulate the timer. Coincidently, my dad's watch is a 1968 Accutron. It's on my dresser as we speak.

Anyway, the Speedmaster has been in continuous production, and the current model isn't all that different than the current model. Back then all the Speedmasters were mechanical. There were manual wind and "automatic" winding watches. Both are very robust and lend themselves to repairs and renovation. You can don mail the whole watch back into the factory and get it completely overhauled for no more than $500. In good shape, it will be worth anywhere from $1,000 to maybe $2,500, maybe more if it has some unusual feature or is particularly collectible. So the repairs will be worth it, even without the sentimental value. Once it comes back, it will be as good as a new watch and will keep time to COSC accuracy. They can replace the bezel, missing buttons, and any worn out internals. These things can last forever.

Omega doesn't keep its technology shrouded in as much mystery as Rolex, so it is easier to find authorized repair shops and independent repair shops who can do the job cheaper and probably as well. As I said, this is an established technology that is very robust and easy (for a trained expert) to work on. There are even do it yourself web sites for people who think they're up to repairing their own mechanical watches. The best bet is to just go to your local Omega dealer and ask them for an estimate. If they can't do it on site, they can tell you what it will cost to have the factory do it.

You really should get it refurbished. It's not quite like finding a 1972 S in the garage and wondering if it's worth refinishing the sports seats, but it's at least like finding a 1973 E in original shape and wondering if it's worth fixing it up. Fix it and wear it like you shot the moon with it.