The "W1276" number means the speedometer is geared to 1276 revolutions of its input = 1 mile, and conversely, 1276 revolutions per minute = 60 MPH, though many of these BMW speedos tend to always read a bit higher, by 3%-5% on average, for the speed indication, they are generally very accurate for distance (odometer) when working properly.
Since the speedometer is inferring your road speed by the number of revolutions of the drive shaft, different final drive ratios require different speedometer ratios. If you had a 3.56:1 final drive (32/9 stamping) you'd need a "W1318" speedo. If you had a 3.0:1 (33/11 stamping) you'd need a "W1112" speedometer
The speedometer seller should be able to tell you the turns-per-mile or turns-per-kilometer for any unit they are selling.