What Is the IWC Portugieser Chronograph?
Reference IW371609 is a 41mm stainless steel automatic chronograph, 13mm thick, with a black dial, Arabic numerals, and a sapphire crystal. It's part of IWC's Portugieser line, one of the brand's most recognizable dress-adjacent collections, known for its clean case shape and refined proportions. This particular reference comes on an alligator strap with a deployant clasp.
The Real History: Why 2020 Matters for This Reference
This isn't just a routine model-year update. The previous generation of this watch (reference IW3714) ran a modified Valjoux 7750, a proven chronograph movement, but one sourced through ETA rather than built by IWC. Around 2020, the broader watch industry hit a real supply crunch on ETA movements outside the Swatch Group. IWC's response, unveiled in January and February of 2020 ahead of that year's Watches & Wonders cycle, was to replace the movement in the Portugieser Chronograph entirely: an in-house, column-wheel chronograph caliber (69355) built on their own 69000 movement platform, paired for the first time with a see-through case back.
Reference IW371609 was part of that very first 2020 release carrying the new in-house movement. It's not the flashiest caliber IWC has ever made, but the story behind why it exists, a brand deciding not to depend on a third-party supplier anymore, is more interesting than most spec sheets.
IWC Portugieser Chronograph Price: MSRP vs. Used Market
MSRP on this reference is $8,900. On the used market, it's currently trading in the $4,600–$5,000 range, roughly half of retail. That's a meaningful but expected depreciation curve for IWC chronographs at this tier.
Design & Mechanics: What Makes This Reference Different
The dial layers an inner track of dashes and numbers, the main hour markers, and the chronograph subdials, more going on than it looks like at first glance, but it reads as elegant rather than cluttered. The one design nitpick worth mentioning: the dial spells out "Automatic Chronograph" beneath the IWC name, text that doesn't add anything the rest of the dial doesn't already communicate.
The case hides its 13mm thickness well through a satin-finished center and polished bezel edges; it reads thinner from above than it measures from the side.
The exhibition case back shows genuine depth, three or four distinct visible layers of movement rather than a single flat view. One honest note for used-market buyers: the rounded polished edge around the case back can photograph as slightly dated or cheaper-looking in listing photos than it actually appears in person.
The deployant clasp is a real mixed bag. Sizing adjustment is easier and cleaner than some competing brands, but opening and closing the clasp itself is genuinely stiff, especially on a newer example, loosening somewhat with repeated use.
Wearing It Every Day
Winding is a genuine highlight: smooth, with real tactile feedback on each click, and no screw-down crown to fight with. The chronograph pushers deliver a satisfying click on start and stop, though the reset function feels slightly less crisp by comparison. On the wrist, the watch is lightweight and well-proportioned, wearing close to true to size with its thickness well disguised from above.
The 5D Watch Score: 65/100
Unlike prior reviews, this reference doesn't have one glaring weak spot. It scores consistently across the board, driven by genuine all-around competence rather than one standout feature. Comfort and Versatility are the strongest categories, exactly in line with a watch built to work in almost any setting. Value & Collectibility is the one number holding it back, purely a function of used-market pricing relative to retail.
Aesthetics & Heritage — 31/50
- Styling: 8
- Movement & Craftsmanship: 6
- Cool Factor: 6
- Legacy: 6
- Value & Collectibility: 5
Wearability & Utility — 34/50
- Comfort: 8
- Usability & Tactility: 6
- Features & Complications: 5
- Build Quality: 7
- Versatility: 8
Total: 65/100
This ties the Omega Speedmaster Moonphase for the highest score on this channel's leaderboard so far, arriving there a different way: not through one big complication, but through having almost nothing wrong with it.
Is the IWC Portugieser Chronograph Worth It?
This isn't a watch that makes anyone gasp. It's a watch that makes almost everyone nod and say "that's really nice," and that's underrated. Not every watch needs to be a showstopper to be a genuinely smart buy. At its current used-market price, this reference offers real elegance, a real in-house movement upgrade story, and daily wearability that suits almost any wrist and almost any setting.
This exact watch, full set, is currently listed in a no-reserve auction — you can see exactly where it lands, and depending on when you're reading this, it may still be available. Link in the video description and on our listings page.
FAQ
What is the retail price of the IWC Portugieser Chronograph IW371609?
MSRP is $8,900.
How much is a used IWC Portugieser Chronograph worth?
Current used-market pricing runs $4,600–$5,000, roughly half of retail.
Does the IWC Portugieser Chronograph IW371609 have an in-house movement?
Yes. This 2020 reference introduced IWC's in-house Caliber 69355, replacing the previous generation's ETA-sourced, modified Valjoux 7750.
What size is the IWC Portugieser Chronograph IW371609?
41mm in diameter, 13mm thick, in stainless steel.
Is the IWC Portugieser Chronograph a good everyday watch?
Yes. It's proportioned to work across dress and casual settings, wears lighter than its size suggests, and its main daily drawback is a stiff-opening deployant clasp rather than anything related to comfort or legibility.