The short answer
There is no official "v1" of the Rolex 16610LV. The reference is real. The version number is not. "V1" comes out of the replica trade, where sellers tag each new batch of counterfeit Submariners with a version. It tells you nothing about quality and a lot about how the watch was marketed. If you want a 16610LV on your wrist, the only version that holds value, keeps time for decades, and can be serviced by a watchmaker is the one Rolex built.
What the 16610LV actually is
Rolex launched the 16610LV in 2003 for the Submariner's 50th anniversary. It was the first Submariner with a green bezel insert, which earned it the nickname "Kermit." The insert is aluminum, not ceramic, and the dial is black with larger hour markers and wider hands than the standard 16610.
- 40 mm Oystersteel case, water resistant to 300 m
- Caliber 3135 automatic movement, COSC certified
- Green aluminum bezel insert, black maxi dial
- Production ran from 2003 to roughly 2010, replaced by the ceramic 116610LV
Collectors care about small things. Early bezel inserts have a "flat 4" numeral, and the shade of green drifted between batches. That is the kind of detail that moves auction prices. It is also the kind of detail a counterfeit factory struggles to reproduce, because it works from photographs.
What "v1" means in practice
Sellers number their batches to suggest progress: v1, v2, v3, each one "closer to genuine" than the last. The numbering is marketing, not engineering. Two units from the same batch can differ in bezel color, date font, and bracelet fit. There is no standard, no spec sheet, and no recourse when the watch arrives with a dial that photographs better than it looks.
How to check a 16610LV before you buy
- Bezel insert. Genuine aluminum has depth and a slightly matte finish. Aftermarket inserts look flat and lean yellow.
- Lume pip at 12. The genuine pearl sits inside a polished gold surround. Fakes use a flat sticker or an oversized dome.
- Cyclops. Genuine magnification is 2.5x, and the date font is correct. Copies often magnify less and use the wrong numerals.
- Rehaut. From around 2005, Rolex engraved ROLEX repeatedly around the inner ring. The lettering should line up with the hour markers.
- Movement. A 3135 has a free-sprung balance and specific finishing. Clones are usually ETA-based with a decorated rotor. Have a watchmaker open it.
- Bracelet fit. Solid end links should meet the lugs with no gaps and no rattle.
- Feel. Winding a 3135 is smooth and gives defined clicks. Crown action on a copy is often gritty.
- Serial and reference. Genuine numbers sit between the lugs and match the warranty card.
The legal side
Trafficking in counterfeit goods is a federal crime in the United States under 18 U.S.C. 2320, and customs officers seize counterfeit watches at ports of entry every year. Buying one carries less exposure than selling one, but it funds the same supply chain. There is also a practical cost. No authorized watchmaker will touch it, so when the movement fails you own a paperweight with a green bezel.