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Slang term originally used to describe a [gold] Rolex watch, but now used to describe any Rolex in a joking manner, since Rolex watches have become very common. When originally coined, it was a humorous reference to how Texans, rich with oil [money], flaunt their wealth. The play is on the fact that Timex is a cheap watch, while Rolex is an expensive [one], hence Texas Timex.
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