Priceless Karen,
The Watch looks to be a 'LADY BULOVA' model
ad is Dated 1938 http://www.mybulova.com/sites/default/files/vintage_ads/bulova-ad-1938-…
Top row, Second in from the Right.
Lovely watch karen mary. Condition actually looks pretty good to me. The cord bracelet is easily replaced and probably wouldn't cost too much. I think a family heirloom like this is priceless too. Have it serviced I say, wear it in memory of your grandmother! (but don't wear/use it regularly UNTIL you have it serviced)
Mark - I agree, Lady Bulova looks very close.
Lady Bulova "E" to be exact I believe.
See 4th column, 7th watch down.
http://www.mybulova.com/sites/default/files/vintage_ads/bulova-ad-1939-…
Thank you for the help with determining the model.
Now I just have to figure out the rest of the lineage of the watch. My grandmother would have been about 10 or 11 when it was made so I'm interested in who passed it down to her. I guess more family research is needed. I plan on handing it down to my first born granddaughter just as my grandmother did and it would be nice to add more of a story to it. :)