![Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5] Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]](https://4.bp.blogspot.com/-ZAU2biCtOxg/TvfV8xSzYuI/AAAAAAAAMbU/j6kp0YGJrcE/s1600/Second-Rolex-Panerai-Invoice-November-20-of-1937-with-Waterproof-issue-on-3-watches.jpg)
Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
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Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
![Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5] Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]](https://1.bp.blogspot.com/-mUfDG8Yb2lE/TvmV3QxIYII/AAAAAAAAMfo/7wzUyRWk-Ec/s1600/1943-Panerai-Mare-Nostrum-Prototype-X.jpg)
Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
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Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
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Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
![Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5] Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]](https://1.bp.blogspot.com/-ZIPcY-kXP2Y/Tvl4_Sx0QyI/AAAAAAAAMe4/LyGUR0ImURk/w1200-h630-p-k-no-nu/2012%2B_Panerai_Calendar.jpg)
Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
![Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5] Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]](https://4.bp.blogspot.com/-ZFsI8-AT8IM/TvfvjLNWpEI/AAAAAAAAMcc/eq3JUryB3Ck/s1600/1993-Panerai-Prototype-Reference-5218-201-Luminor-with-OP-logo-47mm-with-Crown-Protection-System.jpg)
Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
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Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
![Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5] Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]](https://4.bp.blogspot.com/-JtCaRtoux6o/TvfWiNQmbgI/AAAAAAAAMbg/8NMump3AgUo/s1600/First-Rolex-Panerai-Invoice-June-13-of-1936-19-watches-Reference-2533.jpg)
Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
![Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5] Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]](https://1.bp.blogspot.com/-3STFIQOe_JM/TvfvkblKROI/AAAAAAAAMdM/byQIE4eyGZA/s1600/1955-Panerai-Reference-6152-1-47mm-with-Crown-Protection-System-and-Matte-Black-Dial.jpg)
Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
![Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5] Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]](https://1.bp.blogspot.com/-G-ZzjAbhEGg/Tvfwfw-wyQI/AAAAAAAAMd0/AQR1xBcafwk/s1600/1954-Panerai-SMALL-Egiziano-Reference-6154-47mm-with-Crown-Protection-System.jpg)
Welcome to RolexMagazine.com...Home of Jake's Rolex World Magazine..Optimized for iPad and iPhone: Chapter 3: Panerai & The Italian Royal Navy [Part 5 of 5]
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