Produced in 1968 to 1970

Calibre 861

This is the smooth backed, calibre 861, speedmaster, the watch that most people go to first.

The picture above shows the 69’s and the two specials are covered here

There is a huge number of these about, possibly the most numerous. There is a wide range of qualities, and a perfect one will command a great deal of money, around $10,000 – 12,000 for a faultless watch with a DO90 bezel, and a 1039 bracelet. Generally though, they trade for around $5,000 to $11,000. (January 2021)


Calibre 861

Serial Range:

2842 0xxx – 3162 9xxx


  • Stepped
  • Painted logo
  • Professional text
  • Short hour indices
  • Wide spaced  SWISS MADE T’s


  • Asymmetric case, 20 mm lugs
  • Caseback- single step with speedmaster engraved on rear


  • Hour/minute – baton
  • Subdial – Stick, painted
  • Chrono – square end spear


  • 5mm x 3.5 mm


  • 7mm


  • Black BASE 500 bezel with dot over 90 (DO90)
145.022-69 with DO90 bezel in good condition and recently serviced. Dial shows a little brown. This is in the 2960xxxx series


This example is challenging for anyone to value let alone a novice. The bezel and case are very good, but the dial has poor plots. Then again the dial is brown, and so we have to look at this watch entirely with out heart, once we have established a base value assuming a black dial. For me I start with “Good” then take away some value for the plots, but add some for the excellent bezel. Then I add what I feel is right for the brown colour.

A beautiful example of a 145.022-69. It came from a single ownership.

It has a clean dial, with perfect plots. The hands have no damage and the case is well defined.

The bracelet is 1039 with 516 endlinks.

This watch is a rare excellent example.

145.022-69 with a 30m serial.

The DN90 has some severe damages to the surface, but it is strange that despite these marks the bezel looks good. The dial plots are poor, having changed colour to a greenish or “Algae” colour. While this watch is not really in the good catagory, it is very attractive and when offered at auction it may well be bid to over the perceived valuation because it is attractive.

145.022-69 With a Chocolate dial. This watch has a DN90 bezel which is correct for its 3058xxxx serial. Even with the patch near 7 O’clock it is a valuable piece.

Brown dials in this reference is a whole subject of itself.

Brown most often dials occur in serial ranges 2911xxxx and 2960xxxx. They are seen in other serials too but these are the most common, and when a collector sees this serial he will be checking the dial carefully. Of course a brown dial can be easily moved and changed. See more about browns here.


We have to be vigilant about bezels. This reference was fitted in the early part of its production with a DO90 bezel, a Dot Over 90. See here for a discussion of the price of DO90 bezels and the price influence, and here for a discussion of bezels.

The generally agreed changover between DN90 and DO90 is 3059xxxx – although I would not see this as a hard line.


Three 145.022’s. The first two exhibit a pleasing patina, while the one on the far right is in close to factory fresh appearance with its black dial and clean hands