A day doesn't go bye, when I don't read: this reference is a Limited Edition (LE) here, an LE there, an LE everywhere. I think some of you have been "played" by less then knowledgeable vendors. This problem has been created by the Panerai watch models millesimation system. The fact that each watch has a serial number i.e: E200/1500 or H1500/3500 creates a gray area, which is sometimes exploited by vendors in order to increase their profit. In the official Panerai website, under the heading Collections, you will find the Special Editions going back to the very first one 1997: PAM21. If the model doesn't appear in this Special Editions section, it is NOT a special edition. It might be a RARE model (PAM117), it might be a DISCONTINUED model (and cost more than some Special Editions) but it's NOT, repeat, NOT a Special Edition. When in the process of "pulling the trigger" or buying a watch someone is introducing as a Special Edition..before..making a decision, you might want to peruse the Panerai site and make sure it IS one! Conversely, you might post on our forum and ask me/us..if..it's indeed a Special Edition. This is a suggestion, to be sure, everyone does whatever they prefer, but it might save you some money
There are also "shadow" models that are rarer that regular production ones. These "shadows" are called that, because come with no papers and no boxes. These are the non-millesimated models part of the inventory and utilized to sell to the AD. After being used, these pieces were offered to the staff, at substantial discounts. A "shadow" has no individual number on the case. I have a couple of them (the 117 and 123) and only have a plastic-credit card-like warranty and no box. I paid regular market prices for them but, some dealers/flippers consider them more appealing for collectors and will try to..milk..some extra dollars from the sale. It's completely upto you if you want to go down that...path. Ciao
