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Vintage Timex Watch Forum, Information and History.:
It means NEW OLD STOCK....(more)
which refers to a watch, or any other item that is old, but never used, worn, etc. You will find new watches in small towns, in a drug store, hardware store, etc. that are still on their shelves after all these years. I bought two 1970's Timex's, NOS, about a year ago from a hardware store in upstate New York. Brand new, never worn, still in original boxes with papers.