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An ornamental chain, of various styles, attached to a man's pocket watch to safeguard it from loss and worn extended across a waistcoat (vest) to a watch-pocket, with the watch on one end and a watch charm on the other end, and often with a seal, charm or watch key suspended from the centre of the chain.
During the 18th century in England watch chains were often worn with attached suspended ornaments, such as a locket, seal or miniature portrait.
From: An Illustrated Dictionary of Jewelry, autor: Harold Newman, publishers: Thames and Hudson