The 222 is very popular among VC fans and collectors.
There are a few great posts about the 222 by a few Loungers, I can immediately think of a couple of our Italian friends (Leonardo and flyboyfly).
The 222 came in more than one size, the round 37mm "jumbo" is the only one that used cal. 1120. You can tell by the lack of a sconds hand. This one the most sought after version of the 222 as well.
All I can say is don't believe everything a seller tells you, this doesn't apply just to watches (By the way, Alex recently deleted a link to an online seller as it is against THL policy, please be aware of this in the future. I have removed it from your post.)
The symbol you are asking about is the Greek letter Sigma. There are also posts that discuss its meaning on THL. Simply put, and taken from a tick-talk post:
"The Greek Sigma symbol σ SWISS σ that appears at the bottom of this dial was a mark of the Assoication pour la Promotion Industrielle de l'Or, which was founded in 1973 and used to signify that dial and/or indexes were made of gold."
So on the 222 it means that either the dial and/or the hour markers are made of gold. Just because a case is not gold, it does not mean the dial does not use any gold.