What does “Punched Papers” mean?

Punched papers are an older style of warranty paper on which the authorised dealer marked the month and year of sale by punching holes in a printed grid, rather than writing or stamping the date. Rolex used this type of paper certificate for many years before moving to plastic warranty cards in the mid-2000s.

For vintage and neo-vintage Rolex pieces, original punched papers add significantly to value and help date the watch. Dealers check that the punched month and year fit the serial range of the watch, that the papers carry the correct reference and serial, and that the paper type and printing are right for the period. Reproductions exist, so careful inspection matters. Punched papers that line up with the watch are among the best supporting documents an older piece can have.

Example: '16610 with punched papers, 1998, serial matching.'