A gift from his parents on his 21st birthday, the watch had great sentimental value.

“I received it in 1948 and it has many memories,” the grandfather of four said.

“It has an engraving at the back which said ‘from mum and dad, 21st birthday’.”

Mr Waugh, who retired in Ballarat after working as a policeman for 17 years, said he was very sad that the watch, which is still in working condition, had been stolen.

“I was sad,” he said.

“But you have got to accept it and push on.”

The theft occurred between 2pm and 4pm on Tuesday, when Mr Waugh and his wife, Thelma, had gone shopping.

They returned to find an open window in the lounge room and several things missing, including jewellery and important papers.

“It is an invasion of privacy,” Mrs Waugh said. “I would like my jewellery back.”

Ballarat Police Constable Wallis Murnane said it was disappointing when the elderly were targeted.

“Mr Waugh is a former policeman who has served the community for a long time,” Constable Murnane said. “He deserves better.”

She commended a neighbour who reported seeing a suspicious man in the neighbourhood.

“The neighbour saw someone suspicious, a male, in the area who appeared out of place,” Constable Murnane said.

The man, who is believed to be 16 or 17 years old, is described as wearing a black, hooded jumper and a black cap.

“He is caucasian with black ‘strangely unkempt’ hair,” she said.

Constable Murnane said police were asking witnesses. “If anyone has seen anything unusual in the area please contact the police,” she said.

Contact Ballarat police on 5336 6000 or CrimeStoppers at 1800?333?000.