This is a Bulova Ladies Art Deco (1929) in 14K White Gold with Real Sapphires (4) and Diamonds (2). Everything is original to the watch except for the crystal, a new one was installed.
I believe this watch is the Penelope, although mine is in 14K gold, not 18K gold.
In reply to A great old watch in very by Reverend Rob
Dear TexasLady, your watch is a 1928 Penelope. I say 1928 since we tend to date the watch in line with the case and not the movement that is from 1928. Your case starts with the number 8 which stands for 1928 (there are some exceptions, but that is a long story). You Penelope is very special. The watch was advertised only in 1925 and 1926, and as a result, all Penelopes I have seen so far, and that could be as many as 20, are all from those years. Very big surprise to see one from 1928! Very special! Enjoy it.