This glass paperweight advertises the "new" Elgin Durabalance mechanism. They introduced this in 1958. As promoted on this piece, it provided "Superior Timekeeping", "Greater Oil Retention", "No Hairspring Tangling", and "Precise Regulation". It was a considerable advance at the time.
While in generally good condition for the age, there is some browning of the paper inside the paperweight. It's still a cool looking piece of Elgin watch history.