The GMT-Master was never meant to be a collector’s icon. Rolex developed it in 1954 at the request of Pan American World Airways, whose pilots needed a way to track two time zones on transatlantic flights. Seventy-plus years later, the GMT-Master’s rotating 24-hour bezel — particularly in its red/blue and red/black variants — has become shorthand for jet-age cool. This is the full story of the Coke and the Pepsi, from Bakelite cracks to Cerachrom sheen.
1954-1959: The Birth of the Pepsi
Reference 6542 debuted in 1954 with a Bakelite bezel in red and blue. The split wasn’t marketing — it was function. Blue denoted night hours (18:00-06:00), red denoted daylight. Pan Am’s crews could read local and Zulu time at a glance. The Bakelite was beautiful but fragile, and Rolex issued a recall after the material proved prone to radioactive lume cracking. By 1959 the 6542 transitioned to an aluminum insert, and the modern “Pepsi” identity was born.
Reference 1675: The Longest-Running GMT
The 1675 ran from 1959 to 1980 — twenty-one years, the longest production of any GMT-Master. During that span, Rolex experimented with matte dials, gloss dials, pointed crown guards, and what collectors call “Fuchsia” or “Amaranth” Pepsi bezels that faded from red to pink. A full-set 1675 with a ghosted bezel and original bracelet commands $25,000-$45,000 today depending on provenance.
1970: Enter the Coke
The red-and-black “Coke” bezel first appeared on the reference 1675/8 and later the 16760 “Fat Lady” in 1983. Rolex never officially called it a Coke — that was a collector-coined nickname referencing the classic Coca-Cola red-and-black palette. The Coke was designed for pilots who wanted a less conspicuous look than the Pepsi, and it became especially popular with airline crews throughout the 1970s and 80s.
The 16760 “Fat Lady”
The 16760, produced from 1983 to 1988, was the first GMT-Master II and got its nickname from the noticeably thicker case required to house the new caliber 3085 movement with independently adjustable hour hand. This was a watershed — for the first time, the local hour hand could jump in one-hour increments without stopping the watch, making the GMT-Master truly useful for travelers, not just for reading a second time zone.
1989-2007: The 16710 Era
Reference 16710 replaced the Fat Lady in 1989 and ran until 2007. It was offered with three bezel options: Pepsi, Coke, and all-black. The movement was the caliber 3185 (and later 3186 with Parachrom hairspring from 2005). The 16710 is arguably the sweet spot of vintage-modern GMT collecting — it has modern reliability, 40mm case, sapphire crystal, and lume-plot dials, yet it retains the classic Rolex proportions that preceded the Super Case era.
- Case: 40mm, 904L steel (from 2003)
- Crystal: Sapphire, cyclops over date
- Movement: Cal. 3185/3186
- Water resistance: 100m
- Discontinued: 2007
2007-Present: The Ceramic Revolution
Rolex introduced Cerachrom — its proprietary ceramic bezel — on the 116710LN (black) in 2007. The problem: creating a two-tone ceramic bezel without baking the two colors in separate firings. It took until 2013 for Rolex to solve this with the 116710BLNR “Batman” (blue/black), and then in 2014 the steel Pepsi on the 116719BLRO arrived — but only in white gold. Steel fans had to wait until 2018 for the 126710BLRO on a Jubilee bracelet.
Where Is the Modern Coke?
Notably absent from the ceramic lineup: the Coke. Rolex has not released a red/black Cerachrom bezel as of 2026, and rumors circulate every Watches & Wonders about its return. The technical challenge of fusing red and black ceramic without bleed is reportedly the holdup, and red ceramic itself was only achieved on the 2014 Daytona “John Mayer” bezel.
Price Snapshot 2026
- 1675 Pepsi (1960s): $18,000-$40,000
- 16760 Fat Lady Coke: $14,000-$22,000
- 16710 Coke: $14,000-$19,000 (rising fast due to discontinuation)
- 16710 Pepsi: $13,000-$17,000
- 126710BLRO Pepsi (current): Retail $10,900; gray market $15,000-$17,500
Shopping for a travel-ready Rolex? Explore the Rolex GMT-Master collection and the broader Rolex catalog at DR.WATCH. For a deeper dive into green Submariner references, see our breakdown of the Hulk vs Kermit Submariner debate.
FAQ
Why did Rolex bring back the Pepsi in ceramic but not the Coke?
Red ceramic is exceptionally difficult to produce without chromatic bleed. Rolex has achieved red/blue and blue/black, but a clean red/black ceramic has not yet been commercialized.
Is the 16710 Coke a good investment?
Yes — prices have risen 40-60% since 2020. Because Rolex has not re-released a Coke, the 16710 has become the de facto modern vintage Coke reference.
Can I get a current GMT-Master at retail?
Very rarely. The 126710BLRO Pepsi and 126710GRNR “Sprite” both have multi-year waitlists at authorized dealers.
Does the Pepsi bezel fade on modern ceramic watches?
No. Cerachrom is UV-stable and retains color indefinitely. Only aluminum bezels from the 1675 and 16710 eras develop patina.
