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Watches in this serial number range were in the 1918 Chronometer trials at Geneva so they might have been made between 19. You should wind it every day you wear and you can wind it until it stops hard. It is possible to overwind it and strip the gearing but this takes a lot of force.One way to get a good idea whether it is there is to let the watch run down and wind it one "click".Apart from 3 or 4 lucky finds there has been little of note since Christmas and the better watches have been rather too expensive.
The really good news is that Elgin has now ceased trading as a company.They will start to buy these types of vintage Elgin watches.However during recessions or as supply gets too big then the value will drop slightly.They were the most common type of watch from their development in the 16th century until wristwatches became popular after World War I during which a transitional design, trench watches, were used by the military.Pocket watches generally have an attached chain to allow them to be secured to a waistcoat, lapel, or belt loop, and to prevent them from being dropped.