From 55Mercury on Watchophilia. Thanks again.
The 7 digit serial number on the back of the case is 6866367. This would indicate the watch was made in 1946. I know it has 1948 engraved on it but it wasn't unusual for these solid gold watches to sit in jewelers show cases a couple of years until someone that could afford them came along.
Now for the model name. Here is an ad from 1946 showing your watch.
You have a very rare 1946 Bulova "Tuxedo" model. I have only seen one other of this model. In 1946 a watch costing $225 was an extremely expensive watch.
Using the CPI 1948 $250 = to 1998 $3500.00.