This is one of my favorite Rolex references and on my list of must haves. But I believe it’s a 1603 not a 1604 as it’s stainless with the engine turned bezel. The stepped “pie pan” dial is what makes it for me on these- the later ones have a flat dial which loses some of that dimension. The earlier movement is a workhorse but you lose the quickset of the next gen movement (not a big deal for me- I don’t mind taking an extra 2 minutes to set the slow date- part of the man & machine experience).
It has undoubtably been polished at some point- any watch that has been serviced before the last 10 years of collector frenzy was polished as SOP for almost any watchmaker- but this was done well with a delicate touch- brushed surfaces are perfectly intact, the engine turned bezel is still crisp (which is the first thing to get blobby and rounded off with a polish) and case thickness is excellent. I don’t let the whole “polished craze” bother me one but unless it has been done poorly and lost chamfers or brushed surfaces.
That paired with the condition of the bracelet, I don’t think the watch saw much wear- it was probably reserved for special occasions.
The folded link bracelet puts it before ‘76 and I love an acrylic crystal- totally changes the character of the watch giving it a lovey warmth and depth to the dial that sapphire just doesn’t.
This watch also has the Sigma dial “OT SWISS TO” which means the markers (and hands) are made of white gold. In all this is about as desirable as they come for this reference and paying a premium for it is not out of line.
I haven’t shopped the market in about a year for these but a non Sigma version with a little aggressive polishing wasn’t out of line at $2.8k, so for this condition and a Sigma dial, I would think.m $3k would be a great deal, $3.5k would be fair. Either way, this one has everything right and they are getting hard to find in this condition so keep that in mind. If it were full kit at a dealer it would be $4k+
Make sure to get pics of the ref and serial between the endlinks (they have to remove the bracelet which is easy), and if they can get a movement shot that would be great. If it hasn’t been serviced in the last decade, consider that as part of the cost- it’s worth it.