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De Ville Co-Axial Advice Needed

Hello,

I am considering purchasing my second Omega and am looking at the black faced De Villes with the black alligator strap. I have a few questions about these watches:

1) What is the difference between models 4831.50.31 and 4832.50.31? I know that the 4832 is the Power Reserve model that lacks a second hand, but since both models have a 44 hour power reserve, why is one model designated "Power Reserve"?

2) What are those two little dials on the face of the 4832 for? Is one of them a small second hand? I noticed that this model does not have the traditional large, sweeping second hand.

3) Does the alligator strap have a clasp on the end or is it traditional (i.e. like a normal watch band that you would fasten like a belt)?

Thanks. Any thoughts and opinions would be greatly appreciated. I have a Bond SMP right now so I am looking for something distinctly different for my second Omega.

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