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A wristwatch costs $20. A chronometer costs $20,000.
1825, “Transactions of the Society Instituted at London for the Encouragement of Arts, Manufactures, and Commerce”, in Royal Society of Arts, Great Britain:
The balances of all moveable time-keepers, the chronometer excepted, are prevented from vibrating beyond the proper arc by what is called bankings. The inferior escapements are very easily banked; a pin fixed in the balance, coming in contact with one or two studs, is sufficient for that purpose. […]
The stock-in-trade of this old gentleman comprised chronometers, barometers, telescopes, compasses, charts, maps, sextants, quadrants, and specimens of every kind of instrument used in the working of a ship's course, or the keeping of a ship's reckoning, or the prosecuting of a ship's discoveries.
1878 March 30, Ralph Waldo Emerson, Fortune of the Republic. Lecture Delivered at the Old South Church, March 30, 1878, Boston, Mass.: Houghton, Osgood and Company, published 1878, →OCLC, page 1:
The sailors sail by chronometers that do not lose two or three seconds in a year, ever since Newton explained to Parliament that the way to improve navigation was to get good watches, and to offer public premiums for a better time-keeper than any then in use.