Hello Dale,
Thank you for sending in this Rolex Submariner wrist watch to mearto.com for an appraisal. I shall try to help you with that today.
TITLE:
Gent’s, center seconds, self-winding, water resistant, stainless steel diver's Chronometer wristwatch with a stainless-steel Rolex link bracelet (riveted, I believe) with deployment clasp,
“Oyster Perpetual, 200 m = 660 ft, Submariner, Superlative Chronometer Officially Certified” model, Ref. 5512, S/N 1379753, made by Rolex, Geneva, circa 1965. {Refurbished and restored dial and hands, done professionally by Rolex.} Accompanied by the green Rolex identification tag.
DESCRIPTION:
Provenance: “I am the second owner of the watch. It was originally purchased in the 60s by a war veteran who owned it throughout his life until recently. Naturally has some wear on the sides given its age. Rolex replaced the dial and the hands I think.”
Case: 40mm diameter, round, three leaf, polished and brushed stainless steel with screwed-down case back and screwed-down crown, graduated bi-directional revolving black bezel for the decompression times, Triplock winding-crown protected by the slim rounded crown guard (this was the third crown guard used on the ref. 5512). The barrel of the watch case indicates the serial number and the reference number. The watch is integrated with a stainless steel link bracelet and deployment clasp. (Some mid-1960s examples used the ref 7206 riveted steel link bracelet.)
Dial: Black with luminous round, triangular and baton hour indices, uniform short bar, open, outer minute/seconds track. Luminous steel skeleton hands and counterbalanced steel seconds pointer. The dial is marked, Rolex Oyster Perpetual” and with four lines, " Submariner Rolex, Oyster Perpetual, Submariner, 200 m = 660 ft, Superlative Chronometer Officially Certified", while at the base “Swiss 'T' less than 25”. One notes the lack of any patina from age on this dial which was a replacement Rolex dial appropriate for the 5512 model.
Movement. Not shown but will assume this is the Rolex Cal. 1560, a rhodium-plated, 26 jewel, straight-line lever escapement, monometallic balance adjusted to 5 positions and temperatures, shock absorber, self-compensating Breguet balance spring, Microstella regulating screws with dial, case and movement triple signed.
CONDITION:
Case – Moderate surface scratches and scuffs on case and mild surface abrasions on the bracelet.
Dial – New old stock Rolex dial without any signs of patination and the hands are new as well. (Done professionally by Rolex).
Movement: Assumed original to this case, genuine and functioning.
PRICING: The real question here is how the new Rolex dial and hands affects the fair market value and it is significant with the dial being perhaps the most important part of the watch. The rarer the watch the higher the deduction would be. For a collector to be interested in buying such a watch he would have to replace the dial and hands with original patinated examples, very difficult to find. An early dial from the 60’s with matching old hands would run about $5000, If one could find them.
COMPARABLES:
~https://catalog.antiquorum.swiss/en/lots/rolex-ref-5513-partially-erased-submariner-lot-317-203?browse_all=1&page=1&q=Rolex+Submariner+ref.+5512 (in 2018 This 1964 ref. 5513 watch was sold with a ref 5512 dial for $6800. This is about as close as I can get to the pricing of your example.)
~https://www.liveauctioneers.com/item/83775120_rolex-submariner-ref-5512-in-steel (Sold in 2020 for $8000 post auction, with a refinished dial)
~https://www.liveauctioneers.com/item/93841516_rolex-ref5512-chronometer-4-liner-steve-mc-queen (failed to reach a minimum set at 25000 Euros in 2020)
~https://www.liveauctioneers.com/item/73052653_rolex-submariner-ref-5512-in-steel (Did not sell in 2019. Has a refinished dial. Minimum was $5000.)
HISTORICAL NOTES: Rolex Submariner In 1954, Rolex founder Hans Wilsdorf introduced a watch at the Basel Spring Fair that was an oversize wristwatch meant to be used by divers of the deep sea. It was model #6204 and was waterproofed to 200 Meters, and called the diver's friend. This was the start of the Rolex Submariner series. The characteristics of the crystal, dial and case style all came together for a water-resistant wristwatch that helped to revolutionize this niche in the industry. After two years the movement changed to the 6538 which was guaranteed to a deeper depth. In 1957 the 6538 came into existence looking more like today's models. The words, 'Officially certified Chronometer' were now added to the dial. 1959 brought the model 5512 with square ended crown guards seen in profile. 1960 saw the shape of the crown guards change to being pointed. In the middle years of the 60s they changed again to a narrow but rounded profile, as seen in your example. In 1965 the 1565 brought a date function to the watch. These watches were produced for the British military during the late 1960's. The 1970's saw the 'Sea Dweller' with the Submariner now printed in red. The 1980's saw the sapphire crystal and the calibre 16800, allowing the watch to go to depths of 330 meters. The Yachtmaster was introduced as the 16610LV, the latest in the submariner line. The bezel was now green and the large white gold markers were slightly altered on the dial. In 2010 the current model with a green CERAMIC bezel and green iridescent dial, a version of the older 16610 model. Both carry the Rolex calibre 3135 movement.
PRICING:
I would place the fair market value in today’s demanding Rolex marketplace in the range of $6000-$6500, given that if the dial and hands were original and in the same condition as the case and bracelet, this watch would sell for twice that value. Thank you for choosing mearto.com
My best,
David