One of only 900 examples ever produced, this reference hides serious rarity in plain sight, individually numbered 068 of 900 on the caseback. Its oversized 47mm cushion case descends directly from the dive watches Panerai built for the Royal Italian Navy, and few watches at any price wear their history this boldly.

Presents itself in mint condition with little to no signs of wear. Framed by a domed sapphire crystal, the black sandwich dial glows with warm cream numerals and markers that give the piece its unmistakable vintage character. Finished in warm gold, the hands catch the light against the deep black dial for a look that is equal parts tool and dress watch. Carved from polished stainless steel, the cushion case and its patented crown-protecting lever shift between mirror shine and bold architectural structure as the watch turns on the wrist.

Functions include hours, minutes, small seconds, and a three-day power reserve displayed on the movement side. To reach the crown, lift the patented crown-protecting lever on the right of the case. With the crown pushed in, turning it hand-winds the in-house P.3001 movement, and the exhibition caseback shows how much of the 72-hour reserve remains. Pulling the crown out to its outer position sets the hours and minutes, while the small seconds at 9 o’clock zero-resets so the time can be set to the exact second. Pressing the lever back into place locks and protects the crown, which helps the case hold its 100 meters (10 bar) of water resistance.

Comes as a full set, double-boxed with international warranty card, instruction manual, warranty booklet, additional rubber strap, strap-changing screwdriver, and original product tags.

Built for the collector who values presence and provenance over noise, it rewards anyone who enjoys being asked what is on their wrist. For a hand-wound Panerai with genuine limited-edition numbering and its full original set, this is a rare chance to own the reference in mint condition.