Reference 5508, the 'small crown' Submariner, was introduced in 1958 and ceased production in 1962. This reference was the last model to carry the 100m depth rating. This example has a gilt chapter ring, Mercedes hands, and a glossy lacquer dial which is correct and all these attributes are in excellent condition.

This watch is particularly rare as it displays an exclamation mark at 6 o'clock, which collectors identify as signifying a lower radium amount. By this time, Rolex realized the health hazards of using radium on their dials, and gradually switched to tritium. The case and lugs are particularly thick on this example, and the watch also carries the correct bezel with the individual first 15 minute markers. The bezel is furthermore still retaining its pearl.