These were apparently made in 14K in very limited numbers in the late 50s or early 60s for those who held the title
Distinguished President of Optimist International, whose logo is on the dial.
I never looked too closely before today, but I've made out the name inscribed, I Googled the name, and the gentleman whose name is on the back was, indeed, a
Distinguished President of Optimist International.
Ironically, I went to high school with the nice man's daughter . . .