The Rolex Submariner reference 5512 was introduced in 1959 and made until about 1979. It was the first Submariner with crown guards and moved the model to a 40 mm stainless steel case, up from 38 mm on earlier references. It has a domed acrylic crystal, a rotating diving bezel, radium and later tritium lume, and water resistance of 200 m (660 ft). The earliest examples used the automatic calibre 1530 with 25 jewels; it was soon replaced by the chronometer-certified calibre 1560, followed by the calibre 1570. Early dials are glossy black with gilt printing, the first ones with a chapter ring and only two lines of text under the logo; matte dials with white print arrived around 1966 to 1967. It matters because it defined the Submariner case that Rolex would refine for decades.

The first 5512 cases had large rectangular “square” crown guards that made the crown hard to operate. Scholars believe about 100 were made before Rolex switched to tapered “pointed” or “eagle beak” guards, and then, about five years later, to the rounded guards used for the rest of production. Dial variants are numerous: two-line and four-line dials, metres-first or feet-first depth ratings, the “exclamation point” dial and a rare Explorer-style dial. The 5512 has a non-chronometer sibling, the reference 5513 of 1962, which looks almost identical, was cheaper and was made in larger numbers. Steve McQueen owned a 5512, which sold at auction in 2009 for 234,000 US dollars.

Collectors see the 5512 as one of the most important vintage Submariners, rarer than the 5513 and prized for its chronometer status and its many early dial variants. Two-line gilt dials, metres-first ratings and square crown guards command the highest prices. At Phillips Hong Kong, an early square-crown-guard example with a glossy two-line dial and serial 478’000, possibly the first to leave the factory, sold for HK$1,512,000 against an estimate of HK$625,000 to 1,250,000. Christie’s sold another square-guard 5512 in 2013 for about 207,000 US dollars, while typical examples trade from around 17,500 to just under 100,000 dollars. Buyers are warned to check for service replacement dials. The 5512 is no longer produced; Rolex‘s current Submariner continues the line.