Rolex GMT-Master "Pepsi" Ref. 1675 Value & Price Guide

The Rolex GMT-Master ref. 1675 was in production for over two decades, from 1959 to 1980. In that span, it became the definitive pilot's watch, the tool watch that Pan Am airline crews wore across time zones, and the benchmark against which every dual-time-zone watch is still measured. Its red-and-blue bezel, nicknamed "Pepsi" by collectors for its resemblance to the soft drink's logo colors, is one of the most recognizable design elements in watchmaking. Today, the ref. 1675 Pepsi is the vintage Rolex that collectors chase with singular devotion.

Quick Value Summary

Item: Rolex GMT-Master ref. 1675 "Pepsi" Year: 1959-1980 Category: Watches Case Size: 40mm Movement: Caliber 1565/1575 Case Material: Stainless steel (most common)

Condition Range:

• Heavy wear, service parts, no box/papers: $12,000 - $18,000

• Good condition, original parts, no box/papers: $18,000 - $26,000

• Excellent condition, original parts: $26,000 - $35,000

• Excellent with box and papers: $35,000 - $50,000+

• Exceptional with box, papers, and desirable dial: $50,000 - $100,000+

Rarity: Common (overall production was large); Rare (early examples with specific dial and bezel variations)

The Story

Rolex created the GMT-Master in 1954 at the request of Pan American World Airways. Pilots and navigators needed a watch that could display two time zones simultaneously, home time and destination time. The solution was a fourth hand and a rotating 24-hour bezel. The pilot could read local time on the standard hour and minute hands and reference time on the 24-hour hand against the bezel.

The original GMT-Master was ref. 6542, which featured a Bakelite bezel insert. When the Bakelite proved fragile, Rolex replaced it with an aluminum insert and updated the reference to 1675 in 1959. This new reference would remain in production for over twenty years, making it one of the longest-running Rolex references in history.

The red-and-blue bezel serves a functional purpose. The red half indicates daytime hours (6 AM to 6 PM), and the blue half indicates nighttime hours (6 PM to 6 AM) on the 24-hour scale. This made it easy for pilots to glance at the bezel and know whether it was day or night at their reference time zone. The color combination happened to match Pepsi-Cola's branding, and collectors adopted the nickname.

Over its two-decade production run, the ref. 1675 went through numerous subtle changes in dial design, bezel color, crown construction, and case details. These variations are meticulously cataloged by collectors and can significantly affect value.

How to Identify It

Case

• Reference number: "1675" engraved between the lugs at 12 o'clock (remove the bracelet to see it)

• Serial number: Engraved between the lugs at 6 o'clock. Serial ranges help date the watch.

• Case size: 40mm diameter

• Crown guard: The ref. 1675 has pointed crown guards (early) transitioning to more rounded guards (later production)

Bezel

• Pepsi (red/blue): The classic configuration. Aluminum insert that fades over time, which collectors prize.

• Faded "ghost" bezels: Sun exposure fades the red to pink and the blue to purple or teal. Attractive faded bezels command premiums.

• All-black bezel: Some ref. 1675 watches came with all-black bezels. These are a different collecting niche.

Dial Variations

The ref. 1675 dial evolved significantly over its production run:

• Gilt dial (1959-1967): Gold-colored text on a glossy black dial. The most desirable and valuable variation. Gilt dials can bring $20,000-$50,000+ premiums over later dials.

• Matte dial (1967-1980): White text on a matte black dial. Several sub-variations exist:

  • Mark I through Mark V: Collectors catalog five or more distinct matte dial variations based on text font, spacing, and layout.
  • "Radial" dial: Early matte dials with specific luminous material application.
  • "Nipple" dial: A later variation with raised, applied hour markers on some examples.

• Luminous material: Early dials used radium-based luminous material, which has aged to a warm cream or brown patina. Later dials used tritium, which also develops patina over time. The evenness and color of luminous patina significantly affect desirability.

Bracelet

• Jubilee bracelet: Five-link design, considered more dressy

• Oyster bracelet: Three-link design, considered more sporty

• Folded links vs. solid links: Earlier bracelets used folded (hollow) links. Later production switched to solid links. Solid links are generally more desirable.

Value by Condition

Heavy Wear, Service Parts ($12,000 - $18,000)

The watch runs but has had significant service work. The dial may have been refinished (re-lumed, repainted). The bezel insert may be a service replacement. The bracelet shows significant stretch. Service-replaced parts reduce collector value but the watch remains a genuine Rolex GMT-Master.

Good Condition, Original Parts ($18,000 - $26,000)

All major components are original: dial, hands, bezel insert, and case. The watch shows honest wear consistent with its age. The bezel has faded but is intact (no chips or cracks). The bracelet has moderate stretch. No box or papers.

The average market price for a ref. 1675 Pepsi in this condition sits around $26,000 as of early 2026, up approximately $5,000 from August 2022 levels.

Excellent Condition ($26,000 - $35,000)

Original components in above-average condition. The dial retains sharp printing with even luminous patina. The bezel insert is vibrant or has developed an attractive faded character. The case retains its original proportions (not over-polished). The bracelet has minimal stretch.

With Box and Papers ($35,000 - $50,000+)

The complete package: original watch in excellent condition plus the original Rolex box, warranty papers (stamped by the selling dealer), hang tags, and any other documentation. Box and papers add 30-50% or more to the value of a vintage Rolex, especially for desirable references.

Exceptional Pieces ($50,000 - $100,000+)

Early gilt-dial examples, watches with "ghost" bezels that have faded to particularly attractive colors, and complete sets with original purchase receipts and service history can reach well into six figures. Military-issued examples and watches with documented celebrity provenance command even higher premiums.

Authentication and Fakes

The ref. 1675 is one of the most counterfeited vintage Rolex references:

• "Frankenwatches": Watches assembled from parts of multiple genuine Rolex watches. The case may be genuine but paired with a dial from a different reference or a refinished dial. This is the most common issue in the vintage Rolex market.

• Refinished dials: Original dials that have been repainted or re-lumed to look better than their actual condition. Under magnification, refinished dials show different paint texture, inconsistent luminous application, or text that does not match known factory specifications.

• Aftermarket bezels: The aluminum bezel insert is the most commonly replaced part. Replacement inserts use different shades of red and blue than factory originals.

• Service hands: Rolex's own service center sometimes replaces hands with newer-style hands during servicing. While genuine Rolex parts, they reduce collector value if they do not match the watch's production period.

Professional authentication is essential. Services like Rolex Forums Authentication, independent watchmakers specializing in vintage Rolex, and established dealers provide authentication. For watches valued above $25,000, spending $200-$500 on professional authentication is a wise investment.

Where to Sell

• Chrono24: The largest online marketplace for watches. Strong global reach with buyer protection programs. Commission fees of approximately 6-8%.

• Bob's Watches: Specializes in pre-owned Rolex. Offers trade-in and outright purchase options.

• Heritage Auctions / Phillips: For exceptional examples, major watch auction houses achieve the highest prices. Phillips, in particular, has become the leading auction house for vintage Rolex.

• Authorized dealers and private sales: Established vintage watch dealers and private collector networks (often through watch forums and Instagram) facilitate direct sales.

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