The short answer

A replica of reference 323.10.40 is a counterfeit 40 mm Omega Speedmaster automatic chronograph, steel case, steel bracelet, black dial, three subdials and a date at 3 o'clock. It is not a Moonwatch, and that detail shapes the whole replica market around it. Because the base watch is a mid-range automatic rather than a hand-wound icon, most factories treat it as a secondary project. That cuts both ways: fewer versions exist, but the ones built on a Valjoux 7750 clone tend to look more convincing than a Moonwatch replica, mostly because the subdial layout lines up.

What the real reference is

Omega puts the case diameter in the middle of the reference string, so 40 means a 40 mm case, two millimeters down from the 42 mm Moonwatch. The watch is an automatic chronograph with subdials at 12, 6 and 9 and a date window at 3. The genuine movement is an Omega calibre, finished and adjusted to a standard no Chinese factory matches. The bracelet is a tapered three-link design with polished center links on some versions, and the caseback is engraved rather than display-backed on most examples.

Where the better replicas hold up

Case geometry is no longer the weak point. Modern CNC machining copies lugs, crown guards and pusher profile closely, and a set of calipers is about the only way to catch the difference in a photo. Sapphire with usable anti-reflective coating is standard on the upper tier, and the polished and brushed transitions on the case flanks are clean on the better builds.

Where they still fall short

Dial printing is the giveaway. Look at the thickness of the Omega wordmark, the spacing of the minute track, and whether the lume plots sit dead center in their surrounds. On cheap builds the subdial rings are printed slightly off, the date font is wrong, and the date sits a hair off center in the window. Feel matters too. A 7750 clone winds with a gritty rotor, the pushers have a short, mushy travel, and the crown threads can go rough after a few months. Bracelet fit is the other common failure: end links that do not sit flush with the lugs, a shallow or doubled clasp stamp, and a taper that stops too early.

Movements you will see

  • Quartz. The cheapest tier. The chrono seconds ticks instead of sweeps, which is the single biggest tell.
  • Seagull ST19. Hand-wound, so it is wrong for an automatic reference, and the subdial layout does not match.
  • Asian 7750. The right layout for this reference. Quality ranges from rough to decent, and the better examples get a decorated rotor and a working date mechanism.

Price tiers

Sixty to a hundred twenty dollars buys quartz or a rough hand-wound build. One hundred fifty to two hundred fifty gets an entry 7750 with a plain dial. Three hundred to six hundred is the tier worth considering if the look matters to you: better dial print, correct date font, sapphire with real AR coating, and a bracelet that meets the case without gaps. Above that you are paying for photos and packaging, not parts.

What to check before you pay

  • Straight-on dial shots, not angled ones that hide print problems.
  • A video of the chronograph starting, stopping and snapping back to zero.
  • Movement photos with the caseback off, plus the rotor engraving.
  • Date alignment at the 1st, 11th and 31st, which is where misprints show.
  • Lug and end link fit shot from the back of the watch, not the front.
  • The seller's written policy on packages seized at customs.

Legal reality in the United States

Counterfeit watches are illegal to import. CBP inspects and seizes them, and the importer can face civil penalties on top of losing the watch. Reselling one is a separate problem, since selling counterfeits exposes a seller to trademark liability. Servicing is awkward as well. Many watchmakers will not touch a counterfeit, and parts for the clones are not always interchangeable between batches. If what you want is the look of a 40 mm tri-compax chronograph, an unbranded homage does the same job with no customs risk.

Bottom line

The 323.10.40 replica is a middle-of-the-road project. The case and bracelet get close, the movement can get close, and the dial is where the money shows. Buy at the bottom and you get a watch that reads wrong across a table. Buy in the middle and you get something a casual observer will not question, with the caveats about customs, service and resale still attached.