Looking at your sig you're not exactly a stranger to G-Shocks and I would tend to be thinking along those lines or a Baby G since they will be able to stand up to the sort of punishment dished out by your average 10 year old.
Took my 9 year old to the timex shop and let her pick out her first "real" watch, a Timex Expedition. She was really proud of it and when it died a year and a half later (cant push the indiglo button under water ya know), she picked out a dressier one on a metal bracelet. Both were under $20. The important thing here is they are cheap and interesting to the kids. If he really likes it, let him pick out a baby G ($80).
OK - just joking, I'd take him down to a sporting goods store (like Sports Authority or Dick's) and let him pick one out there. There are relatively cheap (most <150) and the sporty ethos and brand name (Nike!) will appeal to him.
I just bought my 11 year old daughter a Seiko 5 military (the blue one) and a handful of NATO straps to change the look as she feels like it. She loves it, loves that it's mechanical with a display back, and it cost me $55 on Amazon, plus another $20 for 5 NATO straps.
Swatch or G-Shock - I particularly like the G-Shock better (it'll be more appropriate to the beating it's probably gonna take), but the Swatch is nice for him to get used to telling time in an analog dial.
When I was little I had a kid's version of a Timex Ironman. It worked pretty well for me, although it did cause me to miss a question on a quiz about colonial American crops because I thought indigo was spelled "indiglo."
I had a similar question a few months ago for my 8yr old and the suggestion I liked best was Momentum M1 Good size and lots of combinations of colours and straps, as well as good WR for swimming or generally getting wet. ( No son I don't think it is the best idea to play with your new watch in the bathroom)
When I was 10, all I remember wanting was a Timex Ironman. I didn't get one, however, as they were too expensive for my parents at the time. I ended up with an Acqua (I think that's what it was called... might have been made by Timex?), which had basically the same functionality... but it just wasn't the same. One of my buddies had an Ironman and I was always so jealous. About that age, a bunch of my friends all had similar digital/sports style watches and we would spend time syncing up our watches on the playground and then setting our alarms to all go off at the same time during class. We were so cool. b-)
My 3 year old has a vintage hand wind Vostok Komandirskie Junior. It's a little big for a 3 year old but it's sized so that he can wear it all the way into his teens and would be a great size for a 10 year old. I like the idea of my son wearing a vintage watch as well.
When i was 10, my father bought me a omega quartz. i loved it very much but sadly lost it not long after. I didnt get to know what model it exactly is, but i can remember the lume hands shining in the dark that made me happy. a very sweet memmory for me.
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