1923 Rolex Unicorn Sterling Silver Ladies Dress Watch 
 
The case is Sterling Silver Hallmarked London 1923 and is in very good condition, the makers marks W&D on the inside of the case stand for Wilsdorf & Davis the Co-founders of the Rolex Watch Co. 
'The movement is a 15 Jewel Swiss Movement marked Unicorn which is a Rolex mark for this range of watches. 
There is an engraving of some initials on the rear and the year 1925. 
 
This would have been a pretty expensive watch at the time, 
Cosmetically Overall this is in very good condition and running well