Watches like this were often part of a Ladie's "Chatelaine". A Chatelaine is a decorative belt hook or clasp worn at the waist with a series of chains suspended from it. Each chain is mounted with a useful household appendage such as scissors, thimble, watch, key, vinaigrette, household seal. These were often used by Lady of the household or head housekeeper in larger Victorian homes, all the keys to locks in the house would be on it along with other accessories.
Values for the watches depend a great deal on the metal content of the watch and the maker. Watches in silver or gold will be maked to indicate the precious metal content, unmarked watches are nearly always lower cost silver or gold plated examples. This one is a 14k gold Circa 1910 Hampden watch, with 17-jewel movement, one like this could sell at auction in the $350.00- $500.00 range.