Hi Alex.
PH200Ms are wonderful watches. The mechanics are robust and movement parts are easy to source. It is extremely important to be aware of the condition of the cosmetics and case though as dial, bezel and case are not shared with other models and are fairly hard to source.
Of the two you show here, I vastly prefer the second one, though it would need to either have the hands swapped (NOS ones surface from time to time) or have them relumed and have the crown changed for a correct one. I think the asking price is fairly ambitious, but that's the dealer game for you. If you were set on spending +€3k on one, I would set aside that money and play the waiting game - monitor auction houses, eBay and two or three select fora to find one that is appealing or set up a WTB on a forum. These rarely go for this amount and when they do, they are in better shape than these.
On frankens: there is no way to tell if the movement has been swapped for a different one than the original as they don't use serial numbers. The rest of the parts are more or less unique to the model.
A word on the bracelet - you should be very aware that the end links for the PH200M is different from the ones used on the regular DS. It takes a trained eye to spot the correct ones...
EDIT: wait, I can't remember if the part of the end links is correct now. Is it the PH500M that has different end links?
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