Rolex Submariner Ref. 5512 - 'PCG' W/ 'Chapter Ring Exclamation Point' Gilt Dial & 'Ghost' Insert Unpolished

The Rolex Submariner is a true icon — and the word "icon" does get thrown around an awful lot. If you were to ask ten people at random to draw you their idea of a watch looks like, chances are they would draw or describe something that looks like a Rolex Submariner. It’s the dive watch of reference, and good/bad/indifferent there is no escaping it. Throughout its 70-year production, there have been countless small changes made to the model, with the Reference 5512 representing a very interesting period in the Submariner story.

The Ref. 5512 was originally sold alongside the 5513 as an up-market chronometer certified version of the venerable dive watch icon. During its production run, the 5512 series transitioned from the glossy gilt dials of the early 1960s, to matte dials in the later examples — as well as a bevy of different case and crown guard shapes.

The piece that we have here hails from the early years of the 5512 production run where gilt printed dials were still in use by the brand. Gilt dials are when the lettering and fonts are punched out of the dial so that the brass ‘gilt’ color shows through creating a golden text appearance. These are not very easy to produce and were ultimately discontinued by Rolex in the later half of the 1960s, as they couldn’t be produced in the same quantity as a matte dial - but nothing shines and glistens quite like these gilt dials.

Dating to circa 1961, this example is a very special piece and checks a heck of a lot of the boxes when you get into the little nitty gritty details that distinguish these older Subs from one another. First, the case comes from a very narrow serial range where the crown guards were 'pointed,' rather than a more 'curved' design which continues until this day. Second, the dial within, like the case, comes from a very narrow serial number range where a chapter ring on the outside of the indices is present, as well as an 'exclamation point' at the 6 o'clock position. Of course, these are all on top of a stunning black 'gilt' dial to begin with....

The condition of this piece is excellent. Very honest and nicely preserved, with an incredible unpolished case with clear factory finishing visible throughout. It shows honest signs of wear and while there is some light sleeve-polish, those wide lug chamfers are clear and prominent. The bezel assembly is also seemingly unpolished and retains strong factory finishing with a stunning, heavily 'ghost' faded 'Fat Font' insert with a matching patinated pip. Inside, the glossy black 'gilt' dial is also beautifully preserved and honest. It is devoid of any major wear or damage and the luminous plots are present and evenly patinated. When viewed in direct sunlight, there is even a faint brown 'topical' patina developing. The handset matches the dial beautifully both the the naked eye and under UV inspection. Lastly, it comes fitted to a correct, albeit slight later 'rivet' Oyster bracelet with a blade clasp.

It is fair to say that watches like this, preserved in this kind of condition with an untouched case and dial do not surface often... And this one being a rare, early 5512 to being with and its stunning faded bezel insert is a piece that we truly don't stumble upon often. In fact, this one just happens to be a favorite of our resident Timepiece Specialist.