What is the value of a gold elgin watch not a pocket watch?

If it is solid gold, (and if it is, it should be marked 14 or 18 k gold,) it is worth a bit, maybe 500-1000. If you can, take it to a jeweler to have it appraised. They can tell you if it is really gold or just gold plated. Don't tell them that you want to sell it, even if you do. Instead them that you need an appraisal for insurance purposes, because I once took a watch to a watch store, and he offered me $20. Luckily, I didn't take it. It turns out, the watch was worth over 1000!