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Steele said he searched the fields for the watch, but his only lead was a nearby cow.
"The cow could have eaten it with a mouthful of grass, the vet said," Steele told the BBC.
The watch has now resurfaced 50 years later, after Steele's son gave treasure hunter Liam King permission to use his metal detector to search for old coins on the property.
It was unclear whether the watch, which now has a green tint to its face, had indeed passed through a bovine's digestive tract.
"I was quite pleased because I never thought I would see the watch again," Steele said. "But I have got it now. I only have half the bracelet -- the other half must have disintegrated."
He said the watch is not in working order, but it did avoid rusting over the years.
Steele said he does not plan to have the watch repaired, as it would be a costly endeavor, but he is glad to have it back as a keepsake.