Rolex originally started electronic timekeeping research in 1950's. Their first commercially sold quartz watch was Quartz Date 5100. This watch used Beta 21 movement that could be also found in quartz Omega (and other Swiss companies). In 1977 Rolex introduced completely in-house built quartz movements 5035 and 5055. Oysterquartz Datejust models were using 5035 while Oysterquartz Day-Date models using the 5055 movement.

At the time of their introduction these movements were considered the top amongst quartz movements not only because of their accuracy - but mainly because of their superb fit and finish. It is believed that Rolex quality control was actually held to higher standards for these movements when comparing to tolerances allowed with their mechanical movements.
Even today - after almost 30 years since their introduction - these movements are considered overall amongst the very best quartz movements ever made in watch industry.
Oysterquartz watches were manufactured in Stainless steel, Stainless steel with white gold bezel, SS/18K yellow gold two tone models as well as full 18K yellow or white gold Day-Date models.

2001 was the last year Rolex received any chronometer certificates for quartz movements from the COSC and it is estimated that Rolex stopped making SS Oysterquartz in about that time - as it was not selling at satisfactory numbers. However as it has been historically with every model Rolex stopped making - this model is also becoming more and more popular amongst Rolex fans and collectors. This is being reflected in a significant price increase of these watches recently on the secondary market (especially those with original boxes and papers) .

More Oysterquartz history and information on Oysterquartz.net 
this web site is considered one of the best sources of information for all Oysterquartz fans and was used as a source for the above summary.

Oysterqartz FAQs.

Instructions Manual Booklet.

Watch dimensions:
Lugs inside opening: 20mm
H:   43 mm -  lug-to-lug        
W:  35 mm bezel only       
( 38.5 mm L side of the case to the R edge of the crown)      
Thickness: 14 mm incl. cyclops on sapphire crystal. 13 mm w/o cyclops

Caliber: 5035 - Specifications
 

32,768Hz VCTCXO Quartz Module

Integrated circuit: CMOS

Temp. compensation: Yes

Rate trimmer: Yes

Powersource:  UCAR 357
silveroxide battery, 1.55v

Width: 29.75mm

Height: 6.5mm  Jewels: 11

Antimagnetic: Yes1000 Oersted

Hacking: Yes

Quick set date: Yes
Beats per Hour:  3600
Beats per Second: 1
Introduced in: 1977

Official chronometer with C.O.S.C. certification

- Oyster Cert. Chronometer Mvmt, 
- Screw Down Crown, 
- Scratch Resistant Sapp. Crystal, 
- 100M / 330Ft. Water Resistant
- 18K Oysterlock bracelet, model 17000B with folding safety clasp .

Latest MSRP:      $3,025