The Early LIP Wristwatch - A French Name but Swiss Build

On my travels yesterday I came across this watch sitting in the case of a dealer in an antique mall.  I had seen this watch in the case before but never paid it much attention.  It was mainly down to the price that I usually ignored this watch.  I decided to have a look at it more closely and discovered it to be more than the simple sterling cased un-named watch I thought it was.

The dial is original and not modified.  The name is faint but you can still make it out in the right light.

I do believe that the hands area  replacement.  The style and the fact that they don't contain radium is a good indicator.  They are fitting though and are not overly distracting in their lack of originality.

The case is amazing on this watch.  I have not seen this design of a case before.  Yes the wire lugs and square shape is not unusual but the internal design is.

The movement is pinned into a silver ring that is hinged.  The case back is hinged as well.  The movement ring actually snaps down into the case back.

The movement is a Swiss one as far as I can tell.  Ther are no cal markings or names.  Some have said these movements look like Doxa or FHF.  I have yet to find one that matches it with a confirmed ID.

The case is marked in almost every place with silver hallmarks.  Was this a way of LIP to make sure the buyer knew that they were not cheating and making almost every part of silver?

The one on each lug wire.....

I have researched the marks as best as I could but some mysteries still exist.  The swan is a French silver mark for imported silver cases.  The bear is a silver mark for Switzerland.

The hound mark and the makers mark are unknown so far.  But I will keep searching as I always do.

As to an age for the watch, I first thought 1920's but the movement has been seen in Borgel cases back to 1913-1914.  So I would guess anywhere between 1913 and 1925.