Discussion
They're nicknames based on the colour schemes resembling that of a brand, character, or similar. They're not used by Rolex obviously, they've just been coined by collectors etc over the years. Some of these models have changed when they've been updated or replaced, but this is the general gist...
GMT:

GMT:

Submariner:

Submariner:

Submariner:


Daytona:

I think they're the main variations you'll hear referred to by their nicknames - anyone make any corrections or add any others??
Bear in mind these are just the popular nicknames, wait until you hear people talk about the "small 'S' 3-line no-Swiss drilled-lug March 1988 variant" of a Submariner and why it's worth 3 times more than another that looks almost identical
GMT:
- 'Pepsi' (left) - blue and red bezel, the tones have changed over years, shown here is the aluminium version whereas the modern ceramic colours are a bit darker / more muted, but still blue and red. This watch is all stainless steel, though there have been white gold versions recently with blue or meteorite dial.
- 'Root Beer' (middle) - black, brown and beige(?) - again this has changed a lot over the years, early models had brown dials I believe. Shown here is steel with rose gold bezel / centre links, there's also a full rose gold version.
- 'Coke' (right) - not currently produced, black and red aluminium bezel around the same time as the aluminium Pepsi.

GMT:
- 'Batgirl' (left) - black and blue bezel hence 'bat' - as you see on this most recent version, the Jubilee bracelet was offered as an alternative to the usual Oyster, hence some people referring to this variation as the Batgirl rather than Batman, I don't think this nickname is universally used and most people probably still use Batman as I believe the Oyster bracelet is still an option..
- 'Batman' (right) - black and blue bezel, as above, Oyster bracelet.

Submariner:
- 'Kermit' (left) - the first Sub with a green bezel, back when they were still aluminium. Notice it has a more lime / metallic colour, and black dial.
- 'Hulk' (right) - with the new Maxi case and ceramic bezel, the green variant was now called the Hulk (bigger and greener than the frog!). note the green is a much different tone, and the dial is now a dark green.
- 'Starbucks' (middle) - the current model, the green bezel remains, but the cases have been reproportioned (slimmer lugs) and the dial is now black again.

Submariner:
- 'Smurf' - white gold Submariner with bold blue dial and bezel - very blue, hence 'Smurf

Submariner:
- 'Bluesy' - refers to a couple of Subs, either steel/yellow gold, or full yellow gold, with blue bezel. I believe this has been available with both a sunburst blue dial, as well as a solid blue dial. But for clarification, if it combines yellow gold, it's a Bluesy, if white gold, it's a Smurf as above.

- The new blue one - one of the newest variations, this is white gold with a blue bezel and black dial, I'm not aware of a universal nickname for this model yet, I've seen 'BMW' on Instagram but I hope to Gold that doesn't stick


Daytona:
- 'Panda' - stainless steel Daytona with white dial, black sub-dials, and black bezel with white text. black and white, like a panda.

I think they're the main variations you'll hear referred to by their nicknames - anyone make any corrections or add any others??
Bear in mind these are just the popular nicknames, wait until you hear people talk about the "small 'S' 3-line no-Swiss drilled-lug March 1988 variant" of a Submariner and why it's worth 3 times more than another that looks almost identical

definitely not that one - as a sailor and someone who quite fancies a yachtmaster, I would have spotted that. Also worth metioning the middle bit of the bracelet was yellow gold and the guy has a lifetime involvement with motor sport at a reasonable level as an admin type so it could have been an award
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but the Rolex names.