The original Portugieser Minute Repeater Ref. IW5240 was introduced in 1995.
In 2006 IWC introduced the second generation Ref. IW5242-02 which I proudly own.
Mine is made of Platinum which gives a nice substantial feeling but is not the best transmitting material for minute repeaters.
The main differences between the first and second generation are in the case, glass and dial.
The case of the Portugieser Minute Repeater Ref. IW5242-02 measures 43 mm in diameter and 12,5 mm in thickness. The predecessor had a 42mm case size.
The main differences between the dials are the new ‘IWC’ signature and railway-style minutes and seconds tracks.
The dome-shaped sapphire crystal gives the dial a nice sense of depth. The original Portugieser Minute Repeater had a plexiglass.
The newer Ref. IW5242-02 has the same 54-jewel Calibre 95290 that also was implemented in the first Portugieser Minute Repeater in 1995. I was told that there had been some small improvements compared to the first generation but couldn’t anything about that in the internet.
The Calibre 95290 is inspired from an old IWC Calibre 95 pocket watch movement.
The minute repeater mechanism was designed by Renaud et Papi.
This minute repeater mechanism is not visible from the sapphire crystal case back as it sits just behind the dial.
So the construction of the Calibre 95290 is modular and therefore much easier to adjust and repair.
All the best
Thomas