it won't have a great deal of value in its present condition... but it isn't fake. It is cased in Australia and although usually we see Handley cases, just as we see ID and Pioneer cases in Canada, it doesn't surprise me to see a case that simply shows Rolex (we have those in Canada too). Sometimes Stainless, sometimes Silver, and sometimes this lousy chrome-plated nickle that just looks awful as it passes through time.
It isn't an Oyster so you wouldn't expect a screw-down crown or a screw-back case. It was only ever offered as a dress watch and likely only worth a couple of hun. And even when it is all fixed up, it won't be worth a whole lot more.
Interesting to see though.