Afew odd things I picked up, need Help!

[crazychevelleman]

Guys,
I need a bid of wisdom here. I picked up a few items and I need to know what they are? Below I have listed a few pics. In the first are colonel "pin Back" Insignia, I have never seen this type before, I need help to decipher its orgin or era. I have also picked up this watch, It reads:
6/0 '42
WALTHAM PREMIER
NINE JEWELS
U.S.A.
30949
143
KEYSTONE CO.
BASE METAL
869269
ORD DEPT.
U.S.A.
OG-11282
Signed
WALTHAM
Thanks inadvance

 

[crazychevelleman]

Today when I recieved it I replaced the band. I had an original WWII OD green band, which they normally came with. What do ya think? It keeps perfect time!