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How do I manipulate this Waltham click to let down the mainspring?


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Waltham using that movement is a new one on me, that's for sure. Vietnam era military perhaps? It's a bit odd how the "Waltham" appears to be printed on the train bridge. But I guess one learns something new every day. The exact mechanism for releasing the click from the winding wheel/barrel is a mystery as well. Good luck to the OP.

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CaptCalvin was correct, it was the tiny sliver of silver. As the crown turned, I was able to move it out of the teeth and let down the mainspring. 

 

From what I understand, it was made after the Societe des Garde-Temps took over the Waltham brand (among others). Needless to say, quality decreased, as did demand for these watches. To be fair though, it's keeping time very well now and it looks nice. 

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