The Panerai PAM00654 is one of the best looking Panerais I’ve seen. It also has the worst lume I’ve ever seen on a Panerai, and its flyback is a complication almost no one will ever use.
So is a watch this good to look at enough on its own? Here’s how a 2018 full set example holds up.
Key takeaways
- The dial is the reason to buy it. Panerai calls it ivory, but in person it reads as a goldish tan with gold tone hands and blue chronograph accents.
- The lume is the weak spot. It’s small dots and lume in the hands, not a sandwich dial, and it fades fast.
- It’s thick. I measured 18mm from the case back to the top of the domed crystal.
- Used prices for a full set usually land between $7,800 and $9,000, against $12,300 retail at launch in 2017.
- 5D Score: 63/100, right behind the PAM00311 and just ahead of the Captain’s Watch.
What the Panerai PAM00654 is
The PAM00654 is the Luminor 1950 PCYC 3 Days Chrono Flyback Automatic Acciaio. It’s a 44mm steel chronograph Panerai made for the Panerai Classic Yachts Challenge, a circuit of regattas for vintage and classic sailing yachts, many of them built before 1950.
That’s where the PCYC on the dial comes from. Panerai launched it in 2017 alongside a black dial twin, the PAM00653, and a bigger 47mm titanium Regatta model, the PAM00652.
Panerai no longer makes the PAM00654, so it only trades on the secondary market now.
Specs at a glance
| Spec | Panerai PAM00654 |
|---|---|
| Case | 44mm AISI 316L stainless steel, Luminor 1950 |
| Thickness | 18mm case back to top of crystal (measured) |
| Lug width | 24mm |
| Dial | Ivory, gold tone hands, blue chronograph accents |
| Crystal | Domed sapphire |
| Case back | Solid, engraved with a classic yacht and PCYC text |
| Movement | Panerai calibre P.9100, automatic |
| Functions | Hours, minutes, small seconds, flyback chronograph |
| Power reserve | 72 hours, two barrels |
| Beat rate | 4 beats per second (28,800 vph) |
| Water resistance | 100 meters |
| Retail at launch | $12,300 (2017) |
| Used range, full set | $7,800 to $9,000 |
The dial: ivory on paper, goldish tan in person
You’ll usually see this listed as a white dial. It isn’t white. In person it’s a warm, goldish tan.
I’ve had the PAM 1314 with the straight white textured dial, and this is a completely different color. With the gold tone hands and the little bit of blue, the whole dial has a nautical look.
When it comes to my favorite Panerai dial, the blue sunburst still wins. But for the whole package on the aesthetics side, this one wins.
How the chronograph reads
There are two chronograph hands in the center. The blue one counts the seconds as it goes around. The other one counts the minutes, and it jumps forward once every 60 seconds.
The sub dial at 3 o’clock keeps track of the hours. Around the edge of the dial you get a nautical tachymeter, set up for nautical miles, so it reads your speed in knots.
Unless you’re actually racing a boat, it’s probably one of the least used tachymeters out there.
The lume problem
This is another Panerai where the dial is very different from what you expect, a bit like the Radiomir with the SLC dial. It’s not a sandwich dial.
The lume is just small dots for the hour markers, plus the lume in the hands, and it fades pretty quickly. When you think Panerai, especially a Panerai tied to yacht racing, you expect the lume to show. That’s the one real downside I see.
Price, straps, and what comes with it
Panerai launched the PAM00654 at $12,300 retail in 2017. Today a full set usually sells for somewhere between $7,800 and $9,000, depending on condition and what comes in the box.
The example I reviewed is a full set. It’s also the first one I’ve seen with a brown rubber Panerai strap, which matches the gold and tan in the dial. The original brown leather strap is there too, though it’s pretty worn on this one.
The first 5D Atelier strap
This watch also comes with a custom brown leather strap made from Alran Sully leather. It’s the first custom strap out of 5D Atelier, our in-house craft shop, where our master craftsman also makes bags, boxes, and watch rolls.
The PAM00654 uses Panerai’s quick release strap system. As a 44mm Luminor with 24mm lugs, it takes all my other Panerai straps.
Crown, pushers, and setting
The crown sits under Panerai’s crown guard and lever, which is my favorite crown system. No screw-down crown here. You flip the lever, and you can wind it and set it.
The winding lands right in the middle. It’s clean, but not as smooth or silky as the PAM00311 with its 8 day movement. It also doesn’t have the odd back pressure of the ETA based movement in the PAM00112. I’d put it about halfway between the two.
The flyback pushers
The two pushers sit on the left side of the case:
- 8 o’clock: flyback and reset. It has a normal, really tactile feel.
- 10 o’clock: start and stop. It’s lighter than I expected. Not mushy, it just doesn’t have that really satisfying click.
The flyback means you can hit the 8 o’clock pusher while the chronograph is running, and it snaps back to zero and starts timing again right away, without stopping it first.
How it wears
On my 7.25 inch wrist, this is a thick watch, at 18mm from the case back to the top of the crystal.
Is that a big issue? Not really. If you’re buying a flyback Panerai, you know you’re getting a thick case. Looking down at it on the wrist, it’s still one of my favorites.
The P.9100 movement
Inside is the Panerai calibre P.9100, which was Panerai’s first automatic chronograph movement made in house. It has a column wheel, a vertical clutch, and two barrels in series for about 72 hours of power reserve.
It beats four times per second. The case back is solid, so you don’t see the movement. Instead, it’s engraved with a classic yacht and the words Panerai Classic Yachts Challenge.
Buying one used: plan for service
With a higher complication Panerai like this one, once it’s out of warranty, very few watchmakers can work on it, and most of them can’t get the parts.
You’ll probably have to send it to a Panerai service center and work on their timeline. I learned that the hard way. A higher complication Panerai came back to me about two months after its warranty ran out, no one would work on it, and it had to go back to Panerai.
Lower complication Panerais are usually fine. But if you’re buying a flyback like this used:
- Make sure the dealer covers some sort of warranty.
- Expect a service bill on the flyback to probably run over $1,000 if something goes wrong.
- Budget for Panerai’s service timeline, not a local watchmaker’s.
The verdict: is it all looks?
Pretty much, and I’m okay with that. The flyback almost never gets used, and the nautical theme makes it a little niche.
But if I were going to a Panerai meetup, this is the Panerai I would actually bring, even over the Monopulsante. When you look at it, you just go, that looks good.
If I could change one thing, it would be the lume. A sandwich dial would be great, even though that’s not the style of this dial.
Aesthetics & Heritage — 33/50
- Styling: 9
- Movement & Craftsmanship: 7
- Cool Factor: 7
- Legacy: 5
- Value & Collectibility: 5
Wearability & Utility — 30/50
- Comfort: 6
- Usability & Tactility: 6
- Features & Complications: 6
- Build Quality: 7
- Versatility: 5
Total: 63/100
That puts the PAM00654 right behind the Panerai PAM00311 and just ahead of the Omega Aqua Terra Captain’s Watch on the 5D leaderboard.
Buy it if you want one of the most beautiful Panerais out there. It stands out on its own.
Pass if you need lume you can read at night, or a chronograph you’ll actually use every day.
Where to find one
This exact watch is going into a no reserve auction, so you’ll be able to see exactly where it ends up. If you’re looking for this reference, we can always find one just like it for you.
To get notified when I go live on these no reserve auctions, join the 5D Insider list. You’ll also get better pricing, first look at new inventory, a heads up any time a watch goes live, and watch news with weekly updates.
Panerai PAM00654 FAQ
What is the Panerai PAM00654?
The PAM00654 is the Panerai Luminor 1950 PCYC 3 Days Chrono Flyback Automatic, a 44mm steel flyback chronograph with an ivory dial. Panerai launched it in 2017 for the Panerai Classic Yachts Challenge.
How thick is the Panerai PAM00654?
We measured it at 18mm from the case back to the top of the domed crystal.
What does PCYC stand for on a Panerai?
PCYC stands for Panerai Classic Yachts Challenge, a circuit of regattas for vintage and classic sailing yachts.
Is the Panerai PAM00654 a limited edition?
Panerai released it as a special edition tied to the Panerai Classic Yachts Challenge. Dealer listings quote different production numbers, and we haven’t seen Panerai confirm one.
What movement is in the PAM00654?
It uses the Panerai calibre P.9100, an automatic flyback chronograph with a column wheel, vertical clutch, two barrels, and about 72 hours of power reserve. It beats four times per second.
How much is a Panerai PAM00654 worth used?
A full set usually sells for between $7,800 and $9,000, depending on condition and what comes in the box. It retailed for $12,300 at launch in 2017.
What does the flyback do?
The flyback lets you press the 8 o’clock pusher while the chronograph is running to send the hands back to zero and restart timing right away, without stopping it first.
Can any watchmaker service a Panerai flyback?
Usually not. Once it’s out of warranty, very few independent watchmakers can work on a higher complication Panerai or get the parts, so it typically goes to a Panerai service center. If you buy one used, get a dealer warranty.
Does the PAM00654 have quick release straps?
Yes. It uses Panerai’s quick release strap system with 24mm lugs, so it takes other 44mm Luminor straps.
How does the PAM00654 wear on a 7.25 inch wrist?
It’s a thick watch at 18mm, but on a 7.25 inch wrist it wears the way you’d expect a 44mm flyback Panerai to. If you’re buying a flyback Panerai, you know you’re getting a thick case.
