American gold full hunter keyless presentation watch Circa 1903

Gold presentation watch by Elgin National Watch Co.
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An American gold hunting cased keyless lever presentation watch, circa 1903. The watch boasts an 18 size, frosted gilded full plate signed movement with a lever escapement, 17 jewels, a bimetallic compensation balance, and a blued steel overcoil hairspring. The white enamel dial showcases Roman numerals, an outer Arabic minute ring, subsidiary seconds, and polychrome enamel painted arms in the centre. The 14 carat gold case features polished covers; the front displays an applied monogram in green, pink, and yellow gold beneath a stoneset crown, while the back reveals an applied coat of arms below another stoneset crown. It includes a handsetting lever beneath the bezel, a plain polished gold cuvette, and the case and cuvette are numbered and stamped with ROY.
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Diameter: 52 mm
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Signed: Elgin Nat’l Watch Co., U.S.A.
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The arms on the case back are Serbian. Interestingly, King Peter I of Serbia began his reign in June 1903, which closely corresponds with the production date of the present watch. 
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Movement is running. Hands are setting smoothly. Some light spotting to the backplate. The dial is restored in soft enamel, and in subsidiary seconds, there is a relatively thick dimpled glaze on the surface. Case with light scuffs and scratches. The monogram and arms remain well defined, with slight rubbing on the crowns above. Monogram PBD?
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Elgin
The Elgin company, which rapidly became one of the world’s leading watch manufacturers, was founded in Chicago during the Civil War by a group of investors that included Benjamin Wright Raymond, a former mayor of the city, and John C. Adams, a watchmaker from Chicago.
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National Watch Co.
Other founders of this new company, called National Watch Co., were Ira G. Blake and P.S. Bartlett, who had previously worked at the American Horology Company (later renamed Waltham) in Massachusetts.
In 1867, the company began manufacturing watches in a newly constructed factory in Elgin, west of Chicago. Their self developed 18 Size movement, equipped with a full plate, was named after the company founder, Benjamin W. Raymond. In the years leading up to 1870, Elgin produced approximately 25,000 watches valued at around $600,000. The workforce at that time comprised roughly 300 men and 200 women. Until 1870, the calibres H.Z. Culver, J.T. Rayerson, H.H. Taylor, G.M. Wheeler, and Laflin were in production. In subsequent years, the new movements W.H. Ferry, M.D. Ogden, J.V. Farwell, and Ch. Fargo were manufactured. The first remontoir pocket watches followed in 1873.
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Elgin National Watch Co.
From 1874 onwards, the company was named Elgin National Watch Co. When T.M. Avery assumed management of the company in the early 1870s, Elgin was producing over 30,000 watches annually. Avery swiftly increased production to around 500,000 per year by the late 1880s. By this time, the company employed nearly 2,500 people.