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Most likely a fake watch. Rolex makes white gold, yellow gold, platinum and stainless steel watches. Almost always solid metal parts and not plated. It sounds as the plating on your watch is worn through and the underlying metal is oxidizing.
This is one sign it maybe real. Everything from the solid headpieces, double steel pins, crew together band, gas relief valve, etc. can be signs that this is a real Rolex. Your best bet is always to go to a Rolex dealer or qualified watch maker/technician for an inspection. Good luck!
The daytona you describe that has 24 hours at Daytona on the back is a relatively cheap replica daytona. It probably has a 21J japanese or chinese movement, and will probably not last very long under normal wear. The better ones out there are about $100, but you can get them for much less. The chronos do not function as the genuine daytona. The move and measure something, but who knows what.
So, this is a cheap imitation of the rolex daytona, and by no means is the best replica out there. There are better ones available with asian copies of the valjoux 7750 movement. These movements also vary in quality from the cheaper ones that run at 21,600bph, or the more upgraded mov'ts @28800bph. These have the running seconds at 6 position and hours at the 9 position.
You can search the web for a dealer that sells these better daytonas. Prices van start at around $190.00 and run up to more than $650.00 for the same watch and mov't. Depends on the dealer.. So, shop with knowledge and ask many questions before you ever purchase. You can get a reliable replica with automatic movement, depending on what model you're looking for... for less than $300. The SS series 116520 you can get a genuine looking replica for $140 to $223.
E-mail me personally and I'll tell you how to get information on ordering this Daytona replica.
They Are not settable., They just are there to replicate what the genuine looks like. The bezel is a tachamyter it is a stop watch function of the watch, but most likely your watch does not have stop watch "chrono" functionality.
its not the manual, but this might help: the three button chronograph would be brought together in the form of
the 5034. During the next fifteen years the 5034 changed into the 6034,
which then became the 6234. This in turn became the 6238 and then
finally evolved into the 6239. These changes although little by little
had inspired Rolex to revive the previously shelved name the
"Cosmograph". The only difference between the 6239 and the 6238 was
that on the 6239 the bezel was engraved with tachymeter graduations
rather than having them on the dial. The last major changes to the
manual wind chronograph came in the late 1970's when Rolex introduced
the 6263 model. This was the first model to have truly waterproof
pushers. The earlier Oyster Chronographs had simple round pushers with
internal gaskets as the only sealing mechanism. The screw down pushers
were added to stop people pressing the buttons, whilst submerged in
water. The locking function also prevented the chronograph being
activated inadvertently. The new 6263 started life as being waterproof
to 165 feet, ten years later it was capable of twice that depth (100
meters) The 6263 is unusual in the fact that the quality of the
movement depended on which case you had. The steel chronograph
movements were not timed to a chronometer standard. Despite the
innovative design it was not until 1986 when the popularity of the
Daytona started to increase, reaching its zenith with a particular
Daytona model, the "Paul Newman". This model featured square markers on
the subsidiary dials, and an outer track the same colour as the