It's a ref. 1150 from the early 1950s....
Hi Richard,
Back when it was produced, it was a special watch although today it's a little out of vogue due to its size (32mm) and being square.
It is a reference 1150, and its entry from the 1957 catalog is linked below. It was featured in 1953 and 1954 ads for iWC because it used IWC's new automatic movement (the above image is from 1954 --sorry it's not larger). As an educated guess, your watch should be from 1952-1953, and certainly no earlier. I don't have the original price without spending a lot more time, but as you might expect it's not much since the price of gold back then was $35/ounce.
While we can't appraise the watch here --certainly not without seeing it, but we can guesstimate a range, I would say it's worth 3000 to 5000 USD today, with the higher price being what a store would ask. However, the scratch would need to be considered, although the back doesn't look bad, as well as the condition of the movement.
By the way, on the movement : it's an earlier version of the calibre 8541 our friend above mentioned --most like a calibre 852. You can read more about the movement by checking the archives here.
Finally, this isn't an official name (which is the reference 1150) but some collectors call this model "Cioccolata" --as a square watch it's supposed to look like a box for a piece of chocolate!
Regards,
Michael
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