*** This review was written in December 2008 ***
30 days ago I traded a Z-serial, Rolex GMTII-C for a preowned, I-series Panerai 111 + cash. I was really enjoying the Rolex, however I caught myself in the bad habit of browsing Panerai watches online. A few weeks later the Rolex was gone and a PAM 111 was sitting atop my wrist!
This Panerai is much different than any other watch that I've owned. I've owned a Panerai before (PAM 164), but even it was different. I'd become accustomed to features such as date complications, automatic movements, and stainless steel bracelets, but the PAM 111 lacks all of those cushy features, and to be honest, I welcome the change!

The Basics
The Panerai 111 is classified as a Historic Luminor Marina and is a "step up" from the Base models, which have no complications whatsoever. I wrote "step up" in quotes because I'm not comparing the desirability between the two models, but rather their number of complications as well as their retail price. No flaming please!
A new Panerai 111 should come with the following items;

The Price
The current retail prices for the PAM 111 as of December, 2008 are as follows;
The Case
The case size of the PAM 111 is 44mm. The case is stamped from 316L stainless steel and is fully polished. The finish on a Panerai watch, whether brushed or polished is second to none. The case is water resistant to 300m, or approximately 1,000ft. The Panerai case has a nice weight to it... it's not too heavy and it's definitely not too light. It has a strong presence on the wrist, while still being a very comfortable watch. The case is thick, so it stands tall on the wrist, but its large 44mm diameter keeps it stable and keeps it from wobbling from side to side.
PAM 111 Weight
The Crystal
The PAM 111 is outfitted with a scratch resistant sapphire crystal, formed of corundum, and is 3.5mm thick. It also utilizes AR (anti-reflective) coating, which helps reduce reflections/glare. The crystal on the PAM 111 is slightly domed, and is not perfectly flat. The crystal's edge protrudes just slightly above the polished bezel.

The Dial
The dial on a PAM 111 is matt black and has oversized luminous numerals and hour indeces. Panerai watches were originally created for Italian Navy divers who required easy to read watches while underwater. As you can see, they're very easy to read above water, as I'm sure they are underwater as well. The dial reads Luminor, as it belongs to the Panerai Luminor family. The dial also displays the word Marina, which indicates that it's outfitted with a seconds hand. You'll also notice that the word Automatic is missing beneath the Panerai name, as this watch does not contain an automatic movement.
This particular 111 has a sandwich dial, meaning that it's a multi-layered dial. A luminous layer sits beneath the top, black layer, from which the numerals and hour indeces have been cut out. This creates great depth and dimension to the dial. I prefer the sandwich dial, however the painted dials are very nice as well. Painted dials are only available on older 111s (E, F, G series). All PAM 111s after the G-series have a sandwich dial.
As you can see from looking at the picture below, the lume on a Panerai dial is second to none. When waking up in the middle of the night I can easily read the time on my PAM 111 as it sits on my bedside table. Very impressive!


The Movement
The Panerai 111 contains the OP XI calibre which features;
I'm a bit disappointed to report that I timed my PAM 111 against http://www.time.gov and it's running -10 seconds/day. I suppose this is one of the risks of purchasing a watch preowned. I'm not going to worry about it, however I will get it regulated next time I visit a Panerai AD that has a watchmaker on site.
The Winding Crown & Crown Guard
Winding the PAM 111 is an absolute joy! It only takes a minute to fully wind the movement. Often times I flip the watch over to watch the gears turn as I slowly wind the watch. I don't think doing this will ever get old. The only negative thing isn't regarding the winding crown, but rather the crown guard surrounding it. The physical design of the crown guard limits the amount of rotation you can get on the crown during winding. You may have to turn the crown 2-3 times before actually making one full rotation. I hope this makes sense. It's certainly not something that bothers me, but it is something that I've noticed and should be noted.
The crown-guard on a Panerai Luminor is very unique and has become a very recognized part of a Panerai watch. Besides the small ring surrounding the sapphire, see-though case-back, the crown guard is the only visible part of the watch that's not highly polished. Instead, it has a brushed finish to help reduce finger prints/smudges/scratches that can be caused when winding the watch on a regular basis. This is a detail that I appreciate and the contrast against the polished case looks stunning. Within the crown guard the winding crown is secured by a small lever, which must be released before winding the watch or setting the minute/hour hands. For some reason I'm fascinated with the lever and it's always a joy releasing/engaging it every few days when winding the crown.
Straps & Buckle
The PAM 111 comes with two straps; 1 brown leather strap and 1 black rubber strap. Both are very comfortable and easily fit an average sized wrist. The black rubber strap should be worn when entering the water. Each strap is secured by two screws, which can easily be removed by using the small Panerai screwdriver that is included with the watch. Be careful of scratches - it's very easy to scratch the polished lugs of a Panerai due to not being careful while performing strap changes. Like most other Panerai watches, the 111 does not come with a stainless steel bracelet.
The PAM 111 also comes with a personalized buckle and not a deployant, which can be found on more expensive models. It should be noted that only one buckle is included with the watch, therefore the screwdriver must be used to swap the buckle between the two OEM straps. I think it would've been nice for Panerai to include a second buckle considering the current MSRP of the PAM 111.


My Final Thoughts
I'm really enjoying this watch! I love the simplicity of the dial, the uniqueness of its shape, and the way it smiles back at me every time I check the time. This is my second Panerai watch, however I seem to have a better appreciation for the brand this time around. I can't say that I'll never flip this watch, afterall I'm a recovering flipaholic, however I do believe I'll be sticking with the Panerai brand until I have the funds for a second watch, which will definitely be a Rolex of some sort. Thanks for reading my review! I hope you found it both informative and entertaining.
30 days ago I traded a Z-serial, Rolex GMTII-C for a preowned, I-series Panerai 111 + cash. I was really enjoying the Rolex, however I caught myself in the bad habit of browsing Panerai watches online. A few weeks later the Rolex was gone and a PAM 111 was sitting atop my wrist!
This Panerai is much different than any other watch that I've owned. I've owned a Panerai before (PAM 164), but even it was different. I'd become accustomed to features such as date complications, automatic movements, and stainless steel bracelets, but the PAM 111 lacks all of those cushy features, and to be honest, I welcome the change!

The Basics
The Panerai 111 is classified as a Historic Luminor Marina and is a "step up" from the Base models, which have no complications whatsoever. I wrote "step up" in quotes because I'm not comparing the desirability between the two models, but rather their number of complications as well as their retail price. No flaming please!
A new Panerai 111 should come with the following items;
- Outer cardboard box
- Inner black lift-top box
- Pearwood presentation box w/ inner velvet box, pillow, and foldover velvet cloth.
- Rubber bezel/crown protector for shipping
- Polishing cloth
- Panerai Luminor booklet
- Panerai warranty booklet
- Warranty/guarantee card
- Movement sticker
- Screwdriver (for strap changes)
- Black rubber strap
- Brown leather strap

The Price
The current retail prices for the PAM 111 as of December, 2008 are as follows;
- USA: $5,600
- UK: £2,900
- EURO: €3,700
The Case
The case size of the PAM 111 is 44mm. The case is stamped from 316L stainless steel and is fully polished. The finish on a Panerai watch, whether brushed or polished is second to none. The case is water resistant to 300m, or approximately 1,000ft. The Panerai case has a nice weight to it... it's not too heavy and it's definitely not too light. It has a strong presence on the wrist, while still being a very comfortable watch. The case is thick, so it stands tall on the wrist, but its large 44mm diameter keeps it stable and keeps it from wobbling from side to side.
PAM 111 Weight
- 109g without strap and buckle
- 135g with strap and buckle

The Crystal
The PAM 111 is outfitted with a scratch resistant sapphire crystal, formed of corundum, and is 3.5mm thick. It also utilizes AR (anti-reflective) coating, which helps reduce reflections/glare. The crystal on the PAM 111 is slightly domed, and is not perfectly flat. The crystal's edge protrudes just slightly above the polished bezel.

The Dial
The dial on a PAM 111 is matt black and has oversized luminous numerals and hour indeces. Panerai watches were originally created for Italian Navy divers who required easy to read watches while underwater. As you can see, they're very easy to read above water, as I'm sure they are underwater as well. The dial reads Luminor, as it belongs to the Panerai Luminor family. The dial also displays the word Marina, which indicates that it's outfitted with a seconds hand. You'll also notice that the word Automatic is missing beneath the Panerai name, as this watch does not contain an automatic movement.
This particular 111 has a sandwich dial, meaning that it's a multi-layered dial. A luminous layer sits beneath the top, black layer, from which the numerals and hour indeces have been cut out. This creates great depth and dimension to the dial. I prefer the sandwich dial, however the painted dials are very nice as well. Painted dials are only available on older 111s (E, F, G series). All PAM 111s after the G-series have a sandwich dial.
- Painted dial (E, F, G series)
- Sandwich dial (H, I, J, K series)
As you can see from looking at the picture below, the lume on a Panerai dial is second to none. When waking up in the middle of the night I can easily read the time on my PAM 111 as it sits on my bedside table. Very impressive!


The Movement
The Panerai 111 contains the OP XI calibre which features;
- Swan’s neck regulator
- 16½ lignes
- 17 jewels
- Côtes de Genève decoration on the bridges
- Glucydur balance
- Nivarox I spring
- 21,600 alternations per hour / 6 alternations per second
- Incabloc shock protection
I'm a bit disappointed to report that I timed my PAM 111 against http://www.time.gov and it's running -10 seconds/day. I suppose this is one of the risks of purchasing a watch preowned. I'm not going to worry about it, however I will get it regulated next time I visit a Panerai AD that has a watchmaker on site.
- Basic ETA 6497 (OP I) / Modified OP XI movement
- OP XI movement (H, I, J, K series)


The Winding Crown & Crown Guard
Winding the PAM 111 is an absolute joy! It only takes a minute to fully wind the movement. Often times I flip the watch over to watch the gears turn as I slowly wind the watch. I don't think doing this will ever get old. The only negative thing isn't regarding the winding crown, but rather the crown guard surrounding it. The physical design of the crown guard limits the amount of rotation you can get on the crown during winding. You may have to turn the crown 2-3 times before actually making one full rotation. I hope this makes sense. It's certainly not something that bothers me, but it is something that I've noticed and should be noted.
The crown-guard on a Panerai Luminor is very unique and has become a very recognized part of a Panerai watch. Besides the small ring surrounding the sapphire, see-though case-back, the crown guard is the only visible part of the watch that's not highly polished. Instead, it has a brushed finish to help reduce finger prints/smudges/scratches that can be caused when winding the watch on a regular basis. This is a detail that I appreciate and the contrast against the polished case looks stunning. Within the crown guard the winding crown is secured by a small lever, which must be released before winding the watch or setting the minute/hour hands. For some reason I'm fascinated with the lever and it's always a joy releasing/engaging it every few days when winding the crown.

Straps & Buckle
The PAM 111 comes with two straps; 1 brown leather strap and 1 black rubber strap. Both are very comfortable and easily fit an average sized wrist. The black rubber strap should be worn when entering the water. Each strap is secured by two screws, which can easily be removed by using the small Panerai screwdriver that is included with the watch. Be careful of scratches - it's very easy to scratch the polished lugs of a Panerai due to not being careful while performing strap changes. Like most other Panerai watches, the 111 does not come with a stainless steel bracelet.
The PAM 111 also comes with a personalized buckle and not a deployant, which can be found on more expensive models. It should be noted that only one buckle is included with the watch, therefore the screwdriver must be used to swap the buckle between the two OEM straps. I think it would've been nice for Panerai to include a second buckle considering the current MSRP of the PAM 111.


My Final Thoughts
I'm really enjoying this watch! I love the simplicity of the dial, the uniqueness of its shape, and the way it smiles back at me every time I check the time. This is my second Panerai watch, however I seem to have a better appreciation for the brand this time around. I can't say that I'll never flip this watch, afterall I'm a recovering flipaholic, however I do believe I'll be sticking with the Panerai brand until I have the funds for a second watch, which will definitely be a Rolex of some sort. Thanks for reading my review! I hope you found it both informative and entertaining.