The PAM438 is the first 44mm Luminor with ceramic black matt case and a ceramic black matt bracelet.
The PAM441 is essentially the same watch, but it comes with a strap.
The movement of the PAM438 has a very different look though. More about that below.
Panerai introduced the PAM438 with the name TUTTONERO
which means "all black" if I'm not mistaken.
Both watches have the automatic in-house P.9001/B movement with the functions hours, minutes, small seconds, date, second time zone, zero reset and a power reserve indicator on the back.
A closer look at the bracelet, its matt finish looks great
1950's style case seen from the side
The Luminova is ecru
The sandwich dial has all the numbers, just as the PAM359 Luminor Marina 1950 3 days automatic that was introduced at the SIHH 2010.
I've read a couple of discussions about the fact that the word "ceramic" is printed on the dial above the six.
Can't say that it bothers me at all. I actually think that it makes the dial look nicely balanced.
I forgot to ask for confirmation but I don't think that the deployant (folding clasp) is ceramic. I assume it's PVD steel.
The lettering on the case back is gold colored on the 438. The movement is blackened too, the crystal of this version is not "smoked".
OP are now using a new process to darken the movement - the problems that occurred when they started doing this for the 317 are a thing of the past.
The movement of the 441 however looks more regular. The caseback has a smoked see-through sapphire crystal to give the movement a dark look.
It is the same style crystal that can be found on the ceramic PAM335 Luminor 1950 GMT that Panerai introduced at the SIHH in 2010.
The 441 comes with the great looking "assolutamente" strap
The following two photos show how surprisingly alike the black of the PAM360 is compared to that of the ceramic 441.
Interesting because the watches are made using completely different materials and finishing.
You can find the SIHH specifications here:
The first official OP photos of the watch from the SIHH press kit can be found here:
For your reference
The 2010 PAM359 was the first Panerai with a polished 1950's style case and a sandwich dial with all the numbers
The ceramic PAM335 (2010) was the first Panerai watch with the "smoked" case back crystal
The ceramic PAM317 (2009) has a PVD coated movement, the production process that was initially used caused many problems
Thanks for looking
Martin / paneristi.com SIHH team