This watch is unusual due to its large size and its 20 karat gold case. Most ?souscriptions? were cased in silver or silver and gold, with the rarer gold watches in 18K gold. A rare two-tone effect is created by the combination of the yellow gold case with rose gold bezels. The watch is preserved in particularly good condition, with crisp engine-turning, an almost mint movement and dial. For these reasons this watch was chosen to represent Breguet?s achievements at the prestigious Centennial Exhibition at the Palais Galliéra in Paris in October 1923. It was listed as no. 237 in the catalogue. Souscription Watches These watches, called ?souscription? because they were ordered by subscription, with a quarter of the price payable upon order, were created by Breguet in 1796 in order to gather funds for rebuilding his manufacture, which had been seriously damaged during the Revolution. The construction, simple and reliable, was based on a movement with central barrel, having one hand fitted to the barrel arbor. The word ?souscription? first appears in the ledgers under the number 96, which was sold on November 3, 1796. However, the first such watch, that is, one with a single hand and central barrel, seems to be No. 15. It was made before October 18, 1795 and ended up in the possession of Breguet?s son. It also has an irregular back plate, different however from that of the present watch. The souscription idea proved to be tremendously popular, allowing Breguet to continue production for about forty years, with the last one being sold on July 7, 1837.