Rolex Datejust 1601 vs 1603

The bezel, and nothing else that matters. Rolex used the last digit of the four-digit Datejust reference to code the bezel: 0 for smooth, 1 for fluted, 3 for engine-turned. The 1601 has a fluted bezel in white gold on a steel case, or in yellow gold on two-tone and solid gold watches. The 1603 has a steel bezel with a fine engine-turned pattern of concentric ridges. The 1600 has a smooth steel bezel and is the quietest of the three.

Inside, all three share the same automatic date caliber, the same 36mm case, the same crystal and the same enormous range of dials. A dial you see in one reference you can expect to find in the others.

Yes, from the bezel alone. Fluted is the one with the deep, regular grooves that catch light and flash; engine-turned is the one with fine concentric ridges that read as a matte grey ring; smooth is polished and plain. Because the bezel is the only difference, and because bezels can be swapped by a watchmaker, we still read the reference between the lugs at twelve rather than trusting the bezel.

One subtlety: the fluted bezel on a steel 1601 is white gold, not steel. Over decades it can look slightly warmer and softer than the case, which is a useful sign of originality.

The 1601 was the volume seller and is the most common of the three. The 1603 came next, and the smooth-bezel 1600 was produced in the smallest numbers, which is why a good 1600 is harder to find than the reference number suggests. That said, none of these are rare watches on their own; Rolex made a great many Datejusts through the 1960s and 1970s.

Rarity in this family comes from the dial. A tropical gilt dial, an untouched Buckley dial or an unusual factory color turns a common reference into a scarce one. The two examples below, a tropical gilt 1600 and a ghost-dial 1603, are the kind of watches we mean.

Buy the bezel you like. The 1601 is the Datejust most people picture, and its fluted gold bezel dresses the watch up. The 1603 is the choice for someone who wants an all-steel tool feel and a watch that goes unnoticed. Prices for the two are close in comparable condition, with the 1601 sometimes carrying a small premium for the gold bezel and the 1603 sometimes carrying one for being the less common all-steel look.

In practice we tell buyers to ignore the last digit and concentrate on the dial, the case and the bracelet. The examples below show actual sale prices from our own inventory.

They move together. Both sit at the accessible end of vintage Rolex and both have risen gradually as buyers priced out of sport models look at 36mm dress watches from the same era. The 1601 has the larger buyer pool; the 1603 and 1600 have a smaller but committed following among people who prefer steel.

What separates a Datejust that holds value from one that does not is the dial and the case. An original dial with even patina and a case with sharp lugs will always find a buyer. A refinished dial or an over-polished case will always find one too, but at a lower number.

Start with the bezel: on a 1601 look for the softer color of white gold against steel and make sure the flutes are crisp, since a heavily polished fluted bezel goes shallow. On a 1603 make sure the engine-turned ridges are sharp and complete. Then check the dial with a loupe for crisp printing and matching lume, and check the lugs for original bevels. Confirm the caliber matches the serial range, and ask whether the bracelet is original to the watch.

Jubilee bracelets from this era stretch. A tight Jubilee is a sign the watch was worn lightly or the bracelet was replaced; either way, ask.