From the archives of Time Magazine comes this story of Counterfeit Bulova watches.

Two months ago, Bulova Watch Co.’s Long Island plant was suddenly flooded with irate letters. Each letter was accompanied by a broken wristwatch marked “Bulov 17″ on the dial. Bulova needed only one look at the misspelled trademark to see that they were fakes. Since most of the letters were from Chicago, Bulova hired private detectives to roam through the Loop area looking for the counterfeit Bulovas. Before long they picked up 250 from sidewalk peddlers.

What is interesting in reading this report is the mindset of consumers. The counterfeit Bulova watch was being sold for $23, when the legitimate price of the watch was $95. The report mentions that the areas where the watches were sold hasn’t changed in over 50 years.

As police reconstructed the case, the watches were bought for $3.50, the original brand name was erased with acid, and “Bulov 17″ stamped on in ink. The watch looked like the real Bulova 23 model, which retails for $95. The fakes were sold to street hawkers, who sold them at bus depots and railroad stations for up to $23 each. Chief victims: service men in transit.

In today’s marketplace, it is highly unlikely that people who buy watches at bus depots and railroad stations at a cheap price will believe they are buying an authentic product.

The Counterfeit Watch industry is estimated to valued at $655 Million.