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1.
A slang term for an electronic parole tag in and around London. Ex-cons and their equally moronic friends often view having one as a badge of honour. The fashion accessory of choice for today's criminals-on-the-go.
'ere Dave, you get let out early or somin'?
That is correct, Michael, i have been released early on the condition that i wear this Peckham Rolex.
by Richard Bantin October 12, 2006
 
2.
A name given to the tag worn around a young scallywags ankle when they are given a curfew/Asbo by the courts.
'Alrite boys you seen my new peckham rolex its gangster'
by scruffysi September 04, 2009
 
3.
The social Badge of Honour that wearing an ASBO has now become... the ownership of which will increase your status among yer grubby mates and make you much more scary to potential victims of semi-violent crime
Oi Mate - show us yer peckham rolex!
by Helen Rickson November 08, 2006