Owner left shocked as rare watch clocks £55k

But when its owner took it to a city jeweller for repairs, he was stunned to learn that it was an extremely rare Rolex worth a small fortune.

It was sold this week for a staggering 55,000, after experts at Laing the Jeweller on Frederick Street spotted its true value.

The owner – a Fife man, who asked not to be named – had been given it aged eight, after his uncle picked up at an auction.

After wearing it for many years, including on regular scuba dives, the strap wore out. The man initially put it away in a drawer, unsure whether it was worth repairing, and even considered throwing it away.

However, he eventually decided to take it to the jewellers, who recognised the timepiece as a limited edition Rolex SBS Submariner, created in the 1970s for the British Special Boat Service. It was only ever issued to the military and fewer than 1000 were ever made, making it one of Rolex's most covetable timepieces.

Moia Henderson (pictured), manager at Laing the Jeweller, said: "The man was just totally speechless. He knew it was a good watch, but he'd been wearing it for 32 years. The money will help him buy a house. His uncle is delighted for him."

Ian Malone, Laing's service manager, spotted the watch's value when an assistant showed it to him.

He said: "We do see a few rare watches, but it's incredibly unusual to see something like this. This is probably the rarest watch a customer has ever brought in. The man had no idea at all what it was worth. He thought there might be a few hundred pounds in it.

"He asked if we could put a bracelet on it, instead of its current canvas/nylon strap, but that couldn't be done without drilling out the fixed pins. That would have taken away most of its value."

The watches were specially ordered from Rolex by the Royal Navy for use by the famous commandos of the SBS.

The owner's uncle, who served in the Merchant Navy and was based at Rosyth, bought it at a naval auction for less than 100.

Mr Malone said: "The owner used to go scuba diving, and he thought it was a good diving watch. But it needed repairing and had just been sitting in a drawer. He said he wasn't sure it was worth repairing."

After discussing the options, the man decided to accept an offer from a private collector in England for 55,000. It is only the second watch of this type to be sold this year. Another fetched 56,286 in an auction in New York last month.

Mr Malone added: "A lot of these watches have been modified, which makes them less collectable. This one is in its original condition.