The PAM 232 OOR was originally sold circa 2009, several years after the initial release of the Pam 232-I series. This watch represents a rare and unique find seldom seen available for sale in the secondary market. As much as that prevents viewing and appreciation of the movement, Panerai wanted to keep this watch as authentic as practical to its original DNA. OOR watches are typically released several years after the initial release or the discontinuance of a particular PAM reference number. 
It is widely speculated that OOR series Panerai watches occur when Panerai realizes it has back stock or excess availability of movements, cases and other components such that they are able to release a micro-edition of a currently discontinued watch. The PAM 232 Radiomir 1938 was released as a special limited edition, one-time production of only 1,938 pieces for the “I series” in 2006. OOR watches are offered in very small batches of typically 25 to 50 pieces, and they are usually distributed on an exclusive basis primarily through the Panerai boutique distribution channel. OOR watches refer to limited micro-edition releases of discontinued or one-time-release Special Edition Panerai watches. As such, they usually sell out very quickly. For that reason, OOR Limited Edition watches in the secondary or resale marketplace are very rare, few and far between, and they are considered prized possessions. As a tribute to the original, all of these watches have sandwich dials and solid stainless steel casebacks. These watches are a unique anomaly exclusive to Panerai and represent a unique “quirk” within the contemporary history of the brand. The Panerai boutiques use OOR watches to leverage customer relationships, affinity and repeat business by offering their top clients right of first refusal on these watches.
In the case of the PAM 232 OOR, Panerai quietly and discreetly re-released a very limited number of PAM 232 models as a special OOR series of only 40 watches. Nineteen thirty-eight is a significant number because this watch is a remake of the original 1938 Radiomir. The PAM 232 OOR is identical to the original PAM 232-I in every way, including the special edition massively over-sized burlwood presentation-box set and Special Edition Parchment Scroll (individually numbered to match the watch), with the exception of the millesimation marking on the caseback, which in the case of this PAM 232-OOR is identified as “OOR xx/40” for its edition number.
Just to clarify, there are no hard or fast rules as to OOR watches being produced exclusively for regular editions or special editions, and this is confirmed by the fact that there are OOR models that are both regular and special editions. As a special edition release, the protocol was to retire the PAM 232 reference number after its initial release in 2006.
