Retro Thing has the history on this Rolex watch (some POW's had an easy time of it!):
"During the second world war captured Allied soldiers found themselves in POW camps. The owner of the above watch was a soldier called Clive Nutting, imprisoned at Stalag Luft III...
"Along with other imprisoned soldiers, Nutting did work for the Germans, earned a wage, and had a unique opportunity to buy Rolex watches like the one above. During the war, Swiss Rolex found themselves cut off from their primary markets by the Axis presence on all sides. Yet Rolex was able to find willing customers among the Allied POW's that could afford their precision timepieces."
Todays Rolex watches are more like jewellery than timepieces. I'd like to see them reintroduce their older, less ornamental watches. Or come up with new clean designs.