Reducing friction is important to watchmaking.
Instead of metal moving against metal, watch makers discovered that jewels cause little friction or wear. Jewelsare hard and don't wear down very quickly. By the time of the American revolution, tiny doughnut shaped rubies were being inserted into pivot points on watches to keep them from coming into direct contact with the edges of the hole. This in turn would make the watch last much longer. The jewels could be diamonds, sapphires, or most commonly rubies. However, the process was time consuming and expensive. Jewels were placed in only very high quality watches of that era.
Initially the railroad system adopted 17 jewel movements as the "minimum" necessary for the railroad watches of its conductors and engineers. By the early twentieth century many railroad companies specified 19 jewels or more. While there are watches that where made to resemble a railroad watch with less jewels, they were made as cheaper imitations for the general public.
You may have noticed that there are tiny red or pink dots at various places on the bridge and pillar plate of your railroad watch. These are the jewels.
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It is the model number of the movement. The Grade 384 was made from 1910 to about 1924, and had 17 jewels and was usually adjusted.
It just means there's 17 jewels in the movement. Typically jewels are mostly used in mechanical watches. The jewels are tiny pieces of [usually manmade] rubies that serve as low-friction bearings in critical parts that move very quickly and very often. Using traditional materials may not work as the high friction may cause those parts to wear down more quickly, thus requiring more frequent (and costly) repair and maintenance services.
In a watch, the jewels refer to bearings for the shafts of the various moving parts as well as the escapement. Jewels, as opposed to plain bushings, tend to be harder and lower friction and thus wear far less and also tend to make the watch run better. The 7 jewels is the minimum for a functional jeweled movement, this includes 2 jewels for the balance wheel pivots, and balance wheel pivot caps, one roller jewel and 2 pallet jewels (the roller and pallets are part of the escapement). Higher jewel counts have more of the wheels (gears) in jeweled bearings.
Not necessarily. The jewels, often rubies, are intended to provide almost frictionless operation of moving parts. Their effectiveness depends on the quality of the jewels as well as the craftmanship with which the moving parts of the watch are manufactured and assembled.
Many of the pocket watches are worth a price close to $120 each. The price will vary depending upon the condition of the watch