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Looks like a jubilee bracelet. Maybe a datejust?
I think he was a watch guy - gave a lot as gifts, IIRC. If you ever want a hilarious read, Hellraisers: The Life and Inebriated Times of Richard Burton, Richard Harris, Peter O'Toole & Oliver Reed by Robert Sellers is brilliant.
To keep with the theme of the thread here's one about O'Toole:
"Has it ever occurred to you that Peter O'Toole has a double phallic name?" -Groucho Marx
Rodney was the best!