What is Gold Watch?
1.
Cockney rhyming sland for Scotch
I'll have a gold watch and fisherman's daughter, mind the Vincent
2.
Origin London England: Bronchial discharge coughed up by a smoker usually on awakening.
He had been smoking 30 a day for over 20 years and as usually shortly after waking he coughed up a big shiny gold watch.
3.
euphemism for the imaginary round scorch mark burned on your pants after a particularly hot fart
"I believe, sir, that you may be wearing a gold watch in your pants"
or
'That's a proper gold watch, you gent!'
See