Everything You Need to Know About the Rolex Panda
The Rolex Daytona is one of the world’s most iconic chronographs, and its legendary status has only grown with each new generation. In this guide, we’ll break down the differences between the discontinued Rolex Daytona 116500LN and the Rolex Daytona 126500LN “Panda” models, two highly sought-after stainless steel models with the signature white dial and black sub-dials.
We’ll explore the history and significance of the “Panda” Daytona nickname, examine the physical and technical updates in the latest model, compare retail and secondary market prices in the U.S., and consider how each fares as an investment. By the end, you’ll have a comprehensive understanding of what’s changed with the Rolex Daytona 126500LN and how the release of this new model has impacted the market for its predecessor.
The History and Significance of the “Panda” Daytona
The term “Panda Daytona” refers to any Rolex Daytona with a white dial and black sub-dial rings, this high-contrast style is reminiscent of a panda’s face. This striking black-on-white dial design first appeared in the 1960s on exotic dials of vintage Daytona models, including the famed “Paul Newman” Daytonas, which featured white dials with black chronograph registers and art-deco numerals.
These early “Panda” Daytonas have become legendary among collectors: vintage models with genuine Paul Newman Panda dials routinely fetch astronomical prices. The Panda dial’s connection to Paul Newman, whose own Daytona sold for a record-breaking number, cemented its status as a grail-worthy configuration and a timeless aesthetic in watchmaking.
After the manual-wind Daytona era ended in the late 1980s, Rolex’s stainless steel Daytonas for many years did not feature a true black-on-white Panda dial. It wasn’t until 2016 with the debut of the Daytona 116500LN, that Rolex reintroduced a proper Panda dial on a modern steel Daytona. The 116500LN came with a crisp white dial, black sub-dial rings, and a black Cerachrom ceramic bezel, instantly winning the hearts of enthusiasts and earning the “Panda” nickname in modern form. This model was enormously popular, with demand far surpassing supply. Waitlists spanned years and secondary prices soared well above retail.
Fast forward to 2023, Rolex unveiled the next chapter: the Daytona 126500LN, launched during the brand’s 60th anniversary of the Daytona. The new reference continues the Panda dial tradition in its steel model, reinforcing how important this black-and-white motif is to the Daytona’s identity. Collectors often debate whether the new 126500LN or the older 116500LN is more appealing and which is a more worthwhile expense.
Design & Technical Updates: Daytona 116500LN vs 126500LN
The two generations of Rolex Daytona “Panda” share nearly identical looks at first glance, but Rolex made a number of subtle yet important updates in the new 126500LN that distinguish it from the 116500LN. These changes span from the movement inside to the case, bezel, dial, and bracelet design. At a high level, the 126500LN introduces Rolex’s latest chronograph caliber and refinements to the watch’s proportions and details, all while preserving the classic 40 mm Stainless Steel Daytona appearance. Here’s a breakdown of the key differences and upgrades:
Bezel Design
Both references feature a black Cerachrom (ceramic) bezel with engraved tachymeter scale, but the 126500LN adds a polished stainless steel lip around the bezel’s outer edge. On the 116500LN, the ceramic bezel insert extended fully to the case edge. In the new model, Rolex integrated a thin metal rim as part of the case, framing the ceramic in steel, a protective measure for the bezel edge.
Dial and Sub-Dials
The classic Panda dial layout – white dial with three black sub-dials at 3, 6, and 9 o’clock is preserved, but the 126500LN’s dial received a gentle facelift. The black sub-dial rings are thinner and positioned slightly closer together, allowing the white gold hour markers to be longer and more refined. Rolex also placed a small crown logo between “Swiss” and “Made” at 6 o’clock, indicating the new movement inside. Subtle enhancements improve symmetry and legibility without altering the iconic appearance.
Rolex Daytona 116500LN (left) and Rolex Daytona 126500LN (right) — both featuring the iconic “Panda” dial, but with subtle case, dial, and movement refinements in the newer generation.
Specifications Comparison
| Feature | Rolex Daytona 116500LN | Rolex Daytona 126500LN |
|---|---|---|
| Case and Thickness | 40mm case, approx. 12.2mm thick; asymmetrical lugs; solid stainless steel with screw-down pushers. | 40mm case, approx. 11.9mm thick; redesigned symmetrical lugs for better wrist balance and comfort. |
| Movement | Caliber 4130 – 72-hour power reserve, Parachrom hairspring, vertical clutch, and column wheel mechanism. | Caliber 4131 – 72-hour power reserve, Chronergy escapement, optimized rotor, and improved finishing. |
| Bracelet and Clasp | Oystersteel bracelet with polished center links; Oysterlock safety clasp and 5mm Easylink extension. | Same core design with slightly reshaped end links and subtle clasp refinements for smoother operation. |
Prices and Market Value
One of the reasons the Rolex Daytona, and especially the steel Panda variants, is so famous is its market value. These watches have long waitlists at authorized dealers, and extremely limited availability, which has driven secondary market prices sky-high.
Retail Prices
| Model | Retail Price (USD) | Notes |
|---|---|---|
| Rolex Daytona 116500LN | $14,550 | Discontinued in 2023 |
| Rolex Daytona 126500LN | $16,000 | Current MSRP (2025) |
The price increase of approximately $1,000 is relatively modest compared to past Rolex model transitions. It reflects incremental technical and aesthetic upgrades, including the new Caliber 4131 movement and revised case proportions.
Secondary Market Prices
| Model | Market Price (USD) | Market Notes |
|---|---|---|
| Rolex Daytona 116500LN | $31,000 | Discontinued but still widely sought after |
| Rolex Daytona 126500LN | $36,000 | Carries a premium for current-generation model |
These figures indicate that both models trade for more than double their respective retail prices. The newer 126500LN currently commands a premium of roughly 140% above MSRP, while the discontinued 116500LN still holds strong at around 2× its original retail. Despite their close resemblance, collectors value the 126500LN because it is the latest and greatest, while the 116500LN benefits from its legacy status and limited availability.
Investment Potential: Are They Good Investments?
Both the Rolex Daytona 116500LN and 126500LN have demonstrated impressive investment performance, continuing the tradition of the Daytona line as one of Rolex’s most financially resilient collections. While neither model is immune to short-term fluctuations, each has shown long-term strength and desirability. Note: This is not financial advice. Always conduct your own research before making investment decisions.
Rolex Daytona 116500LN: End of an Era
The 116500LN was released in 2016 and quickly became one of the most in-demand steel watches of the modern era. Retailing originally around $13,150 (later adjusted to ~$14,000), it routinely traded on the secondary market for $30,000–$40,000 at its peak. As of mid-2025, market prices average around $31,000.
Now discontinued, the 116500LN benefits from “last of the line” status and collector nostalgia. Its use of the Caliber 4130 (Rolex’s long-standing in-house chronograph movement) and its role in reintroducing the ceramic bezel Daytona in steel make it a historically significant reference. Long-term upside is expected, particularly for full-set models in excellent condition.
Rolex Daytona 126500LN: The Updated Icon
Introduced in 2023, the 126500LN brought in subtle case refinements and the upgraded Caliber 4131. Despite a modest retail price of $16,000, it currently trades for around $36,000 – a 2.4× markup over MSRP.
Collectors see the 126500LN as the future of the Daytona line, with stronger technical specs and modernized proportions. While some price cooling occurred since its post-launch peak, the watch remains in high demand with limited availability. Its investment outlook remains strong, though newer buyers at premium prices should be mindful of potential short-term volatility as production gradually increases.
Long-Term Outlook
| Model | Outlook Summary |
|---|---|
| Rolex Daytona 116500LN | Discontinued; strong long-term collector appeal. Likely to rise gradually in value, especially complete sets. |
| Rolex Daytona 126500LN | Modern improvements and early market strength. High potential if demand continues to outpace production. |
In the end, both “Panda” Daytonas are considered investment-grade Rolex watches. The 116500LN is already a classic, while the 126500LN is positioning itself as a future blue-chip reference. For collectors, either model offers compelling long-term value with the added prestige of owning one of the most iconic chronographs ever produced.
How the 126500LN’s Release Affected 116500LN Prices
When the Daytona 126500LN was released in 2023, it naturally drew attention away from the 116500LN. As a result, secondary market prices for the 116500LN softened slightly, from a peak of over $35,000 to around $31,000 today. Meanwhile, the 126500LN launched at ~$40,000 and has settled around $36,000.
This shift reflects a healthy market adjustment. Many buyers sold their 116500LN to fund a 126500LN purchase, increasing available inventory. At the same time, the newer model's retail unavailability pushed some buyers to consider the slightly cheaper 116500LN instead.
The result is a balanced market: the 116500LN trades at a modest discount to the 126500LN, but both remain highly sought after.
Final Thoughts
The Rolex Daytona 116500LN and 126500LN “Panda” are both standout icons in the world of luxury watches. The 116500LN redefined modern Rolex design with its ceramic bezel and bold contrast dial, while the 126500LN subtly refines that formula with upgraded mechanics. Choosing between them comes down to whether you value classic status or updated execution.
As investment pieces, both models have demonstrated strong value retention, consistently trading at over twice their retail prices. With enduring demand, limited supply, and legendary status in the Rolex lineup, the Panda Daytona remains one of the most desirable stainless steel watches in the world regardless of generation.
