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Collector’s Review: Rolex Kermit Submariner 50th Anniversary Watch

Collector’s Review: Rolex Kermit Submariner 50th Anniversary Watch

Rolex kermit

Presenting the 50th Anniversary Rolex Submariner 16610LV, also known as the Rolex Kermit watch.

The Rolex Kermit model is a Green Submariner that was released in 2003, in celebration of the Rolex Submariner’s 50th Anniversary. Rolex’s 50th Anniversary Submariner was discontinued in 2010, and since then, the value of this watch has risen significantly, as many Rolex stainless steel timepieces do. Collectors predict that pre-owned Rolex 50th Anniversary Submariners will continue to rise in value, especially those in excellent condition with the original box and value. The Rolex Kermit is a watch destined to be a collectible, although one could argue that it already is.

In this post, we are going to cover everything you need to know about the Rolex Submariner known as the “Kermit”.

The main feature of the Kermit Rolex Submariner 16610LV is the vividly eye-catching green bezel. For the 50th Anniversary of the Submariner, Rolex decided to use their signature color green for the bezel of this commerative watch. This unique and distinctive feature is what earned it the nickname “Kermit”.

rolex submariner 50th anniversary

Why does Rolex use Green?

Rolex has been employing the color green in advertising and its logo since the mid-20th century. Green is deeply rooted in the Rolex tradition, so the Rolex Green Submariner Anniversary watch makes sense.

Although no one can truly state the reason for Rolex favoring the color green, it is thought to be because the color resembles, and is associated with, money, fortune, affluence, and many prestigious and luxurious things, for instance, a Masters winner’s jacket. So when Rolex released the 50th Anniversary Edition Rolex Submariner, it was the collector community that bestowed it with the name Kermit.

Rolex collectors frequently give Rolex watches interesting names. For example, the Hulk (another Rolex Green Submariner), the Batman, and the Smurf, to name only a few.

The people’s reaction for the Kermit Rolex Submariner

Even though the Rolex collector community now highly seeks to obtain the Kermit Submariner, and it is highly valued, it was received with mixed reviews when first released. This is because it went against the standard look of the popular Submariner watch, which shocked people. Some people thought it was not in tune with the sophisticated appearance that Rolex is so well known for.

However, Rolex knew what they are doing. When they released the 16610LV, in which the LV stands for lunette verte (green bezel), on the 50th anniversary of the Submariner, they knew a few subtle changes and a green bezel was enough to stir the pot within the community. Hence, people started talking, and as with anything different, the reception of the new watch was mixed.

Nowadays, almost all watch collectors and enthusiasts hold the famous Rolex Kermit in the highest regards. The Rolex Kermit Oyster Perpetual Submariner was the first Rolex to have a green bezel, and everything about the watch was flawless as ever. Rolex successfully produced a stunning style for the ages with the stainless steel case and bracelet, the black dial with prominent luminescent hour markers, and the green bezel that gave it its nickname, the Kermit watch.

rolex submariner kermit

Kermit Rolex – Green Rolex Submariner, Ref. 16610LV: DIAL & BEZEL

Between traditional Rolex and modern Rolex, the watch itself is just a stunning effort of style, mostly because the changes are subtle. The design works so well. A combination of the steel tones with the black dial and the green bezel makes this watch completely unique.

It is often said that if you were to pop in a green bezel insert, you wouldn’t be able to distinguish a conventional 16610 with the LV but that’s not exactly true. In addition to the beautiful green lunette, the Rolex Kermit Submariner does have a distinct dial that was exclusive to this model.

The individual plots of the indices along with the index at the 12 o’clock are significantly larger than on other Submariners of the era. Even at an arm’s length, you can see the indices incredibly well. This was not common to a five-digit reference Sub at the time. This feature would become Universal in the era of the Subsea but at the time of the anniversary Submariner debut, it was something that you would only see on the Yacht Masters and the LV model. So, the watch does have more identity and exclusivity to it than one would think when first looking at it. It has a very bold look compared to other Submariners of its time, with the black lacquer and huge indexes. Plus, the case is satin and polished and it shows beautifully.

Along with those notable changes, you can see that there is an omission of the engraved ‘Rolex’ on the outboard of the dial. This is one of the last distinctions that became part of the line before the advent of the 2010 Hulk Submariner.

Changes in the production of the Rolex Kermit Submariner 50th Anniversary Watch

As we all know, over time there were many small changes in the production of the Kermit Rolex. Likely as many as eight separate changes to the dial itself, without even going into the bezel. The watch evolved greatly during its production period. Although it was a short run, the distinctions between the variations of the dial are artificial and not a basis for biding up or biding down for any individual version. Perhaps the earliest version, which was the Y serial number model, could sell for more because they are so scarce. And, being that they are the first, it could someday demand a higher premium, but all of these watches are a long way removed from vintage status (which means the value should continue to rise!).

rolex kermit price

Rolex Kermit FLAT 4

The first version of the Rolex Submariner 16610LV is commonly referred to as the Flat 4 (aka the Mark I). The Flat 4 got the name simply because the watch has a different font for the number 4 on the dial. The difference is the top of the 4 meets with a flat line on the inside of the four, instead of a point. The Mark I also contains more pronounced serifs for the numerals with internal angles. So, it is commonly referred to as the Flat 4 “Serifed”.

There is second version of the Flat 4 (aka FAT 4), known as the Mark II, is the same as the first but without the pronounced serifs.

Both the Mark I and Mark II bezels will only be found on models with serial numbers up to F54. All the watches from later productions use a four that makes a point on the inside of the 4.

That being said, there are many other slight variations that were made throughout its production life. Changes that most people would never even notice. It’s something that Rolex collectors like to discuss. However, the Flat 4 Mark I and Mark II are the only ones that are specifically more sought after. Collectors purchase and sell the FLAT 4 version for thousands of dollars (sometimes even double the price) more than other versions. Even so, the majority of collectors would say its ridiculous to pay more for the Rolex Kermit Flat 4, and the most important factor for the price should be the condition of the Rolex Kermit, not its small nuances in design.

Rolex Submariner 16610LV: Stainless Steel Watch Bracelet & Case

It has a 40mm stainless steel case, not inclusive of the crown or crown guards. The case is quite compact as all pre-super case Rolex Submariners are. The Rolex Kermit watch uses a scratch-resistant sapphire crystal to protect its display.

The bracelet is nicely made and it can survive the years and potential damages excellently due to the nature of its quality. The watch has a hollow link oyster bracelet made of 904L stainless steel. The grain is crisp, deep and unmoored. It features a traditional Rolex stamped clasp with clamshell and Rolex Glidelock extension system, which also has superb tolerances like the bracelet links and case itself.

It also features solid end links for slightly more solidity heft. It’s a bridge between traditional Rolex and modern Rolex.

All in all the stainless steel case and bracelet complement this Rolex Green Submariner beautifully.

rolex green submariner

Rolex Submariner 16610LV Movement

The Rolex “Kermit” 50th Anniversary watch uses Automatic movement. It uses Caliber 3135, which is one of the oldest production movements (and still used to this day) and is made in-house by Rolex. It is an extremely reliable caliber and the most popular as it maintains perfect accuracy throughout time.

The Rolex Kermit features 31 jewels and has 28800 beats per hour, with 50 hours of power reserve. It’s also waterproof down to 1,000ft!

Rolex Submariner 16610LV has quick date change capability when set on the second position of the crown. When adjusting time, there is no retraction of the minute hand after it’s set and the winding of the movement is amazingly smooth, giving you the full experience of Rolex.

Kermit Rolex Watch Size & Wrist Presence

If we look back to the early 2000s, there were some complications with the style of Rolex watches and size in particular. However, this green Submariner is one that no one regrets. The Rolex Kermit is amongst the best of its era. This is a timepiece that produces immense charisma and power on the wrist. On the wrist, it is 6 1/3 inches and has a 16-centimeter circumference. It’s 13 millimeters thick and thanks to the slope of the bezel, it can slide underneath tight sleeves easily.

Rolex really did their homework on the Kermit Rolex Submariner to ensure it fits smaller wrists. As we all know, there is a difference between sitting right and feeling right, and this one feels right. It works for a wrist down to around 13.5 centimeters. So even smaller wrists are able to wear the Kermit with security and a good sense of proportion.

The Rolex Green Submariner 50th Anniversary Edition, Ref #16610LV Technical Specifications & Main Features

One of the special features of this watch was that it was the first diving watch that could handle high pressures and stay waterproof past a depth of 330 feet. Also, due to the rotating bezel, divers are able to stay prudent and keep track of time while underwater.

Watch specifications:

  • Unidirectional Rotating Green Bezel (for the
  • Chronometer
  • Black Dial with Date indicator at 3 o’clock
  • Automatic Movement
  • Waterproof to 300m/1000ft
  • Stainless Steel Case
  • 904L Stainless Steel Oyster Bracelet
  • Sapphire Crystal Glass

rolex 50th anniversary

Rolex Kermit Price

When the Kermit Sub was still in production, it went for around $5,000 USD. When it became discontinued in 2010, there was a slight increase in its price on the second hand market. However, it was nothing like the Rolex Batman reference 116710BLNR, which saw a significant spike in price.

It wasn’t until the past 5 years that the Rolex Kermit started to appreciate in value in a way that catches collectors eyes. It reached around $15,000 by 2015.

Now, a Rolex Kermit pre owned watch with original box and papers will have sticker prices of around $20,000-25,000 USD.

If you want to order one, you can contact Diamonds by Raymond Lee for the most competitive price.

Is The Rolex Kermit a Collectible?

The Rolex Kermit, reference 16610LV is absolutely collectible. For a watch that has not even reached its 20th birthday, the Rolex Kermit has significantly appreciated in value. We see only continuing to trend upwards. This makes the Rolex Kermit a smart investment, even this late into its life.

The are a few factors that make the Rolex Kermit highly collectible:
  1. It had a limited production run of approximately 7 years.
  2. The Kermit is a Rolex Submariner 50th Anniversary watch. History shows us that essentially are Rolex commemorative anniversary models are collectible and highly valuable, with prices on the second hand market continuing to increase with each passing year.
  3. This green Submariner was not named Kermit by Rolex themselves, it was coined the “Rolex Kermit” by watch collectors. When a Rolex watch is given a nickname by the watch collector community, you can guarantee that it has a special place in their hearts.
  4. The Rolex Kermit is the last of the non super-case Submariners.
Among the watch collecting world, it has been often stated that we will never see a watch quite like the Rolex Kermit.

Our predictions for its value are based on the past decade and what we gather from adept Rolex collectors. It seems likely that the Kermit will continue to rise in value. Will it ever be as valuable as the Rolex Daytona Paul Newman, most likely not. However, it could very well reach Rolex Pepsi GMT Master II ref. 126710 status. If it does, it would make purchasing a Rolex Kermit now a good investment.

As we discussed, the Rolex Kermit had variations in the dial throughout its production life. The most collectible version has proven to be the Flat 4 (or FAT 4) Mark I Rolex Kermit. This small nuance demands more value.

That being said, the most important aspect of the value of a Rolex Kermit is its condition. The watch hasn’t reached such a high collector status that it can be sold for a premium even when it is scratched up. So, keep this in mind when deciding on if you want to add the Kermit Rolex Submariner 50th Anniversary watch to your collection.

History of the Submariner

Rolex is the most iconic company in the watch industry, and people highly consider Submariner to be the most iconic Rolex. The Rolex Submariner is a household name. It was made popular by military units, James Bond and other celebrities alike.

The Submariner debuted in 1953 at the Basel Show. Submariner is a special watch that has a heritage and history that is second to none. It is a watch that is welcomed anywhere. You could wear it with business formal, business casual or casual attire. This makes the Submariner one of the most versatile sports watches ever. Rolex Submariner has transcended its origins as a tool for serious divers, and then also its later use for standard-issued military units. It is now one of the most sought-after watches to ever exist.

In 2003, Rolex released a commerative watch for it’s 50th anniversary. This watch was the green Rolex Submariner 16610LV. The Rolex Submariner 50th Anniversary watch was coined the Rolex Kermit by watch collectors, of course, and it is one of the most talked about and sought after Submariners.

The Rolex Kermit was discontinued in 2010, and replaced by the Rolex 116610LV, which was shortly after named the Hulk. Ever since, people have debated which is better, the Rolex Kermit or the Rolex Hulk.

Rolex KERMIT vs Rolex HULK:

In 2010, another Rolex Green Submariner was released, it was called “the Hulk”. At first glance, they might appear very similar, but in fact, they are very different and they read entirely different. One thing to note about the Hulk Rolex is it has a massive case, hence the nickname. For another thing, it has a green dial AND green bezel.

The Kermit Rolex LV green bezel is different from the new ceramic as it is metallic so it really pops in the light. You can see a gleam when the light hits it, which is something that it has that other Submariner watches like the Hulk don’t have. The Kermit has a special luminesce and radiance to it. The lacquered bezel of the Kermit has a much brighter gloss than the sunburst metallic green on the Hulk Rolex.

Kermit Rolex is a Traditional Submariner, Rolex Hulk is a Modern Version

The Kermit Rolex wins the “Rolex Kermit vs Hulk” competition in our books. That being said, the bezel on the Hulk Rolex is harder wearing than on the Kermit. Furthermore, the bracelet on the Hulk has updated center links and an updated clasp. The Hulk has much larger lugs and a squarer case compared to the more eloquent rounded case and thinner lugs of the Kermit.

The Hulk wears a bit larger, as the name suggests. So if you want a larger watch than the Hulk would be a better option for you. The Kermit offers a much more classic Submariner style compared to the modern styling of the Hulk Rolex.

Since the Kermit Rolex isn’t in production anymore, the Kermit Rolex 16610LV price is higher. However, if you are looking to purchase the Hulk, you will have to wait as they have a massive wait list to purchase it, as they are in very high demand.

The Hulk Rolex uses new materials and many would consider it is better built but if we are talking style, aesthetics, and design, the Kermit takes the W.

To put it simply, if you were to ask a watch collector to trade a Kermit Rolex for a Hulk Rolex, you’d likely be met with a hard NO.

Summary: Key Differences Between the Rolex Hulk and Rolex Kermit

Size: Both watches are 40mm but the Rolex Hulk appears bigger because it has a “Maxi” case, which features crown guards and lugs about twice the size of previous watch cases.

Bezel: The Rolex Kermit has an aluminum insert bezel while the Hulk has Rolex’s newly innovated Cerachrom bezel. The Cerachrom bezel is superior in its durablity and scratch resistance.

Bracelet: The Rolex Kermit comes with an Oysterclasp while the Hulk has a Glidelock clasp. The Glidelock clasp offers more functionality as it can adjust by 20mm, with 2mm increments.

Demand: Both watches are highly sought after and collectible. However, you are far more likely to see a Rolex Hulk around than a Rolex Kermit. The Kermit is more scarce, which drives a stronger demand and more value.

rolex hulk vs kermit

Diamonds by Raymond Lee is now selling the Rolex Submariner 50th Anniversary watch.

Diamonds by Raymond Lee is a high-end retail jewelry store located in Boca Raton. We have been buying and selling luxury watches, gold and diamond jewelry, and more for over 30 years. The Rolex Kermit watch pictured in this article is now on sale at our retail location in South Florida.

Do you want to buy the Rolex Kermit?

Buy The Rolex Kermit Submariner Now.

If you’d like to stay updated on the latest and greatest luxury watches that Diamonds by Raymond Lee has to offer, please fill out the contact form below. We will be sure to email you with only the most important updates. Such as new, limited edition watches in stock and other featured articles like this one.


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