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There was no standard across the industry and individual watchmakers may change codes over the years.
The table below with the serial numbers and years has be compiled from many sources and I believe it to be reasonably accurate, However, no table like this can be completely accurate because Elgin didn't produce watches in sequential order.
Since 1989, we've been making watches right here in Switzerland.
Each one is crafted and designed to strike the perfect balance between performance and timeless elegance.
Or, if they were more interested in fashion than the watch's time keeping ability, they would pick out a case they liked and used the money left over for the watch movement.
The jeweler would then put the movement and the case together.
And by the time you put a Victorinox watch on your wrist, it's already passed over 100 quality control tests; so you know it will be ready for anything and appropriate for every occasion.
In addition, watch cases tended to wear out much quicker than the watch movements.
For example, H632161 would be converted into 47,632,161 and N7193 would be converted into 48,007,193.
While I'm not an expert, I believe the information on this page is correct.
The reason that the movement and case serial numbers are unrelated is because up until the 1920's, almost all American watches were sold separately from the watch cases.
People would go to the local jewelry store, pick out a watch movement that they liked, and then with the money left over, they would pick out a watch case.