IWC Portuguese

About this reference

The IWC Reference 325 was produced between 1939 and the early 1980s, though the vast majority of the estimated 690 total units were manufactured before 1952. Collectors value this reference as the foundational model of the Portuguese line, characterized by its oversized 41.5mm three-part stainless steel case and the use of the Calibre 74 or Calibre 98 pocket watch movements. The dial typically features a railway-track minute circle and a large sub-seconds dial at six o'clock. Due to its extreme rarity and historical significance as a tool watch commissioned by Portuguese merchants, the Reference 325 occupies the high-five to low-six-figure price bracket on the secondary market. A notable production variant includes the "Moderne" dials from the 1940s featuring embossed Arabic numerals. In 2015, a well-preserved steel example achieved a sale price of approximately 80,000 CHF at auction, reflecting its status among vintage collectors.