This is a pocket watch. I think it is Russian. But I am not sure, can anybody read this?!
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It is "Molnia" meaning "Lightning", it is a logo of the producer. – Anixx Dec 15 '14 at 00:35
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It's Молния (Lightning). I believe such font was very popular in 60-es in the Soviet Union. You could see it on many logos like on cars Москвич, Чайка, Волга, on the Янтарь clock, or on a refrigerator МИР.
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2A similar style, with blocky "handwriting" letters connected by long underlines evoking speed and modernity, was also popular in the west, although it seems to have peaked a bit earlier there, and been particularly associated with automobiles. See e.g. these examples and plenty of others. It's even recognizable enough to be used to symbolize automobile design. – Ilmari Karonen Dec 15 '14 at 13:18