The so-called Sea-Dweller "Polipetto" (Italian for "small octopus", a nickname obviously inspired by the emblem on the dial) was made in 2008 to commemorate the 50th anniversary of the diving corps of the Italian state police. The total output was 79 specimens, an outstandingly small production for Rolex, but one example was kept by Rolex, the remaining 78 were delivered. It immediately became an instant classic and one of the most recognized, talked about and sought after series of modern Rolex production. A further layer of appeal is given by the rare V serial number, which all the Polipettos bear. It is estimated that only around 500 Sea-Dwellers in total bear a V serial.

The 78 examples produced can be split into 3 different "tiers" of rarity:
- The less uncommon version is the one with the commemorative engraving to the case back and no additional information: 50 Polipettos bear such a case back.
-The second tier of rarity, were engraved with the military scuba diving brevet number of the original owner – 25 watches
-The final, virtually unapproachable level of rarity is represented by 3 watches, each one unique in its own right, with engraved the name of the owner.