The Panda is the Daytona most people picture today: a white dial with three black subdials, framed by a black ceramic tachymeter bezel. The contrast gives the watch a face like a panda’s, which is where the name comes from. It is also the single most requested steel Rolex chronograph, and one of the hardest Rolex watches to buy new.
What makes a dial a “Panda”?
A Panda dial is a light dial, usually white or silver, with contrasting black subdials. The reverse, a black dial with white or silver subdials, is called a “reverse Panda”. The term predates the modern Daytona: collectors applied it to vintage manual-wind Daytonas of the 1960s and 1970s, and to chronographs from other brands with the same color scheme. On a modern Rolex, “Panda” almost always means a steel 116500LN or 126500LN with the white dial.
116500LN: the modern Panda that started it
Rolex introduced the 116500LN in 2016, replacing the steel-bezel 116520. It added a black Cerachrom ceramic bezel with the tachymeter scale, and the white dial version had black subdial rings and black-framed hour markers. The contrast was immediately iconic. It uses the calibre 4130, Rolex’s in-house chronograph movement introduced in 2000, with about 72 hours of power reserve.
The 116500LN was made until 2023 and is the most common modern Panda on the pre-owned market. See every 116500LN in stock.
126500LN: the current Panda
In 2023 Rolex replaced it with the 126500LN, marking the Daytona’s 60th anniversary. From the front it is very close to its predecessor, but look carefully and you will see slimmer subdial rings, a thinner metallic edge around the bezel’s ceramic insert, and revised case proportions. Inside is the calibre 4131, with an updated escapement and decoration. For a detailed comparison, read our 126500LN reference guide.
116500LN or 126500LN?
| 116500LN | 126500LN | |
|---|---|---|
| Years | 2016–2023 | 2023– |
| Movement | Calibre 4130 | Calibre 4131 |
| Bezel | Black Cerachrom | Black Cerachrom with slimmer steel surround |
| Subdials | Thicker rings | Slimmer rings |
| Price pre-owned | Usually lower | Usually higher |
Choose the 116500LN if you want the classic modern Panda at a lower price; choose the 126500LN if you want the newest version with the longest service outlook and remaining Rolex guarantee.
What about the 116520 with a white dial?
Before the ceramic bezel, the steel 116520 was available with a white dial with black subdial accents. It is not usually called a Panda because its steel bezel and lighter contrast give a different look, but it is a very good value route into a steel Daytona with an in-house movement. Our Daytona buying guide covers it.
Are there gold Panda Daytonas?
Yes, in a sense. Some precious-metal Daytonas, including white gold references such as the 116509 and 126509, have been offered with light dials and dark subdials, and other gold models have used contrasting designs. They are much heavier and priced differently from the steel Panda, and their pre-owned prices are often closer to retail.
Vintage Pandas and the Paul Newman story
The vintage manual-wind Daytonas, such as references 6239, 6262, 6263 and 6265, came with light dials and dark subdials, and some had “exotic” dials with distinctive art-deco numerals later nicknamed “Paul Newman” dials after the actor who wore one. Those are collector watches with a specialized market, where originality is everything. The modern Panda borrows their color contrast, not their collector price tags.
How does the Panda wear?
Like every modern Daytona, the Panda is 40 mm across and about 12 mm thick, with fairly short lugs, so it wears smaller than many people expect. The white dial makes it look a touch larger than the black version, because light dials visually expand on the wrist. The Oyster bracelet with its Oysterlock clasp and Easylink extension is comfortable and secure. For most wrists between about 6.5 and 7.5 inches it sits perfectly.
Its black and white contrast also makes it one of the most legible chronographs Rolex makes: the subdials stand out instantly, even at a glance while driving. That contrast makes it unusually versatile for a chronograph: it looks sporty with casual clothes and crisp with a navy suit.
Is a Panda worth the premium over a black-dial Daytona?
Mechanically they are identical, so the premium buys only the look and the resale demand that comes with it. If the Panda is the Daytona you picture when you close your eyes, it is worth paying for; you will look at that dial every day. If you are happy with black, you will save money for exactly the same watch, and a black dial hides scratches and dust on the crystal better. Many owners of both say the black version is the more understated daily wear.
How to avoid problem Pandas
The steel Panda is one of the most counterfeited watches on the market, and genuine examples are sometimes fitted with aftermarket bezels or refinished dials. Buy from a seller who inspects the movement with the caseback open and states whether any part is not original. Our guide on how to tell if a Rolex is real explains the checks.
What should you check on a pre-owned Panda?
- Dial condition. The white lacquer should be clean, with no spotting, and the black subdial rings sharp.
- Bezel. Check the ceramic tachymeter insert for chips, particularly around the edges.
- Chronograph function. Start, stop and reset the chronograph; the seconds hand should return to zero exactly.
- Screw-down pushers. Both should screw down smoothly.
- Box and papers. Especially important on a Panda, both for resale and to confirm the date and remaining Rolex guarantee.
What drives the price of a Panda?
Reference first: the 126500LN generally costs more than the 116500LN. Then box and papers, card date, and condition: an unpolished case and a clean bezel are worth paying for. White dials usually trade above black dials on the same reference. Our live table below shows our current asking prices, and every Panda we have is on our Daytona Panda page.
Frequently asked questions
What is a reverse Panda Daytona?
A reverse Panda has a black dial with white or silver subdials, the opposite of the classic Panda. On the modern steel Daytona, the black dial version of the 116500LN and 126500LN is sometimes called a reverse Panda.
Is the Panda Daytona discontinued?
The 116500LN was replaced in 2023 by the 126500LN, which is the current steel Daytona and is still available with the white Panda-style dial.
Why is the Panda more expensive than the black dial?
The white dial with black subdials has become the defining look of the modern steel Daytona, so demand for it is higher. Both dials are the same watch mechanically.
How can I tell a 126500LN from a 116500LN?
Check the reference between the lugs. From the front, the 126500LN has slimmer subdial rings, a thinner metal surround on the ceramic bezel and a small Rolex crown between “Swiss” and “Made” at six o’clock.
