The original case with the Series 2's dual-core processor, at $269. The cheapest new Apple Watch Apple has sold.
Released September 16, 2016 · Discontinued September 12, 2017 · From $269 (38mm)

Apple kept the original Watch's case and put the Series 2's faster dual-core S1P processor in it, then charged $269. That is the entire product. No GPS, no swimproofing, no brighter screen, just the thing that had actually been wrong with the first Watch fixed for less money than the first Watch had cost. It shipped the same day as the Series 2 in September 2016 and quietly did most of the work of convincing people the Watch was worth owning, because the original's real problem had always been that it was slow rather than that it lacked sensors. Apple kept it on sale for a year and it remains the cheapest new Apple Watch ever sold.