Start at the boundary.
Rolex dates the Oyster to 1926. Its historical account describes a sealed wristwatch case intended to keep water and dust away from the movement. The case makes an instructive starting point: before asking how a watch measures time, ask what protects the mechanism doing the measuring.
This is a manufacturer's historical account. It does not establish the present condition, water resistance or exact reference of the watch in the archive photograph.
Source: Rolex history, 1926–1945 ↗