The original Apple Watch gets a price drop to $269

As a budget option, it gets its successor's dual-core processor but not water resistance or GPS.

While the reveal of the Apple Watch Series 2 is getting all the glitz and glamor, the tech giant isn't putting the wearable's first generation out to pasture just yet. The renamed and slightly boosted Series 1 will be available as a budget option at $269 compared to the newest model's $369 price tag. While it won't get its successor's water resistance down to 50m nor its built-in GPS, it will get the faster dual-core processor.

Just like original Apple Watches out in the wild, new Series 1 wearables will run WatchOS3, which will bring interface tweaks and reduced loading times to both product lines. Users can download the new mobile operating system on September 13th.

Click here to catch all the latest news from Apple's "See You" event.