It's keywind, keyset. On the FRONT of the watch, you see a small square over the hands. That indicates it's keyset.
On the BACK, you see a square off-center on the movement. That means it's keywind. The two squares are where you put the watch-key to wind and set the watch. Watches such as these died out around the turn of the last century, when stem-wind, stem-set (and other combinations) of watches superceeded them.
I'll wager Andreas figured out its age, by the hallmarks stamped inside the case, seen in the fourth picture.
I should warn you - DO NOT run the watch, if it hasn't been properly, thoroughly and professionally serviced. If you break it, there's a very slim chance of repairing it. And if you can repair it, it won't be cheap. A standard servicing will not be nearly as expensive as fixing it.
This post has been edited by Shangas: 10 April 2009 - 11:28 PM