I'm guessing that this an Illinois Grade 806. Was it normal for them to have "Federal" on the movement or is this some different type of designation. Thanks!

correct on the grade...

no, not 'common' marking... but no records of quantity produced with this marking in this grade.

meggers listed a 12s 'federal' in his 1985 book, and listed "federal watch co." in both chicago and new york, 18s and 16 size... the 16's seem to be grade 173 model 5 and 18s in grade 64-S and "america" grades...

Thanks much for the info Terry!
I didn't know that "Federal" was a private label but in retrospect I guess it either had to be that or the name of the watch. Hard to pin down all these different runs and production numbers.

Frank "407" Kusumoto