Rolex requires you to return the old part so neither part ends up in a franken. This policy, which I believe it is unique to Rolex US only, began about 10 years ago.
Vintage Rolex prices have been absurd since, at least, the mid-90s & this is unlikely to change as long as the demand pool continues to grow (it is only accelerating at warp speed with the recent influx of new Asian & Russian buyers) & the supply pool continues to shrink. I cannot think of many better places to park investment money these days. Of course, if collecting for investment, you have to know when to cash out (& it is never when common knowledge says it is time to do so ).
If your local jeweler repairs Rolex watches with genuine Rolex parts, he likely has a Rolex parts account. 1 of the (many) requirements for having a Rolex parts account is that you apprise Rolex SA of cases of trademark/patent infringement. Failure to do so, can result in loss of your account. Just sayin'.
No, I was not speaking in jest, but I am incredulous as to how any long-time RWG member with any interest in Rolex could not be (at least generally) aware of the prices & values being assigned to vintage Rolex parts & watches. I mean, seriously.
Just in the past 30 days, I, alone, have posted 3 separate threads (1, 2, 3) discussing this subject. & that is just me.
There should be a small screw or button near the stem to release it. A good, clear pic would help (read the Macro chapter in your camera's user manual or get a better camera).
Toss the cheesy bracelet & get a nice strap, Yuki solid Oyster or, if your pockets are sufficiently deep & the logic side of your brain is as damaged as mine, a gen folded &/or rivet link bracelet.
Then, if you want to take it to the next level, (in order of return on investment) replace the insert (the 1-1-0 is too wide) with a more accurate 1 & replace the dial coronet with a gen (transplanted from a donor dial) & crown/tube with gens or Swiss-made aftermarket parts.
A number of gen brands (even including Rolex in a couple of cases) have appeared in big box stores & the reports made the rounds of the gen sites several years ago.
It is not a good idea to show your rep to an AD (gen dealer). Especially, in the case of a Rolex branded item, the AD may confiscate it &, in some cases, because it is illegal contraband & infringes on Rolex's trademarks & patents, you may also risk potential problems with Rolex attorneys.