My guess is that the watch is a variant of Model 201 (shown among the Touchdown Series models in the 1930-31 catalog pages in the Catalogs thread on this forum). The movement of the watch Adam posted appears to be a 10/0, 7 jewels, and that checks out with the model in the catalog.
Although that model is advertised in the catalog only in WGF and has another type of dial, it's quite likely that Elgin also provided it in two-tone, and with a different dial, giving it a different model number as a "new" model. This is a pattern that some of us have observed. (I haven't turned this specific watch up in a catalog or ad as yet, but there are quite a few Elgin mystery models for which I suspect we may or may not be able to find definitive identification.)
P.S. I also found Model 201 in an earlier catalog (1929).
P.P.S. In the very late 1920s and early 1930s, Elgin was offering a number of models in two-tone cases of various sorts.