Welp, I think its a 1932 but I can't find any model matching this one. I found some models that were close but no cigar because the border wasn't exactly right. The markings on the case are unusual (to me).
The movement is your standard 15 J, 10AN. Its got the 1932/1942 date code (tau).
The case is marked "Bulova Quality" but there's no indication as to what its made of (e.g. "14 K rolled gold plate" or something). There's the standard 7 digit serial number on the inside as reported above. But in addition, there's a 6 digit serial number on the outside: 203725. I haven't run into that before.
It runs and keeps time.