This is an original nineteenth century sterling watch chain with a round interlocking link. Close-up photos reveal the interlocking nature of the links. A great deal of ingenuity went into making chains, and there is nothing like an original long Victorian watch chain that retains its original length.
Watch chains of the nineteenth century served the function of allowing the watch to be retrieved from the pocket without losing grasp of the watch itself.
If you favor chains that are fully fabricated by hand as opposed to machine, as modern chains are made, this chain is a real find. The links are fully 1/8 of an inch wide. The chain can be wrapped 2 or 3 times around the neck. There is a dog tag from which to hang a pendant. There is no clasp; you simply put it on over your head and enjoy this authentic handmade, of the period, sterling watch chain.