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This pin inside the buckle is a spring bar, you can press it out and into the next hole. Be careful not to scratch it when your tool (inevitably) slides off the end of that little pin - Use a toothpick or something plastic. It looks like you only have one more smaller space to move, though. Beyond that, you would need a link removed.
(Speaking of spring bars, during your RSC visit have them check to confirm that the spring bars attaching the bracelet to the case are gold, it’s claimed that steel ones can waller out the lug holes.)
Bracelet is pretty worn - Rolliworks can make it like new if you want, the last time I checked (>1 year ago) the cost was about $75 per link. I doubt it’s worn to the point of failure, though you should inspect every link as closely as you can. It would probably be worth your while to get an inexpensive ultrasonic cleaner and clean the bracelet and clasp (only!) regularly. As this is an heirloom, I would guess that eventually you may want to have the bracelet restored.
I’m deep green with envy, I wish I had something like this from a grandfather!
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