As far as I can tell the super-low values are either 1/2 or 1/3 the actual value. Most likely this is related to the Nyquist-Shannon Sampling Theorem (google that - fun stuff) and under-sampling the skin perfusion information which is used to determine when a heart beat has happened. Every now and again the heart rate may even show up as double, which is loads of fun -- my maximum reported heart rate is 208, and at age 54 I suspect I'd be dead if that were accurate.
If you navigate your Watch to the "Heart Rate" screen and just leave it there during a workout (it's the last screen, all the way to the right), you should see (whenever the screen is displaying data) the current / most recently measured heart rate. You can also navigate to the heart rate using "Glances", but this mostly happens during high intensity workouts. From time to time, instead of seeing a "beating heart" you'll see a heart-shaped icon that is partially grayed-out and "Measuring". That seems to happen when the Watch loses track of your heart rate and that seems to be when these 1/2-off reading happen. I do HIIT most of the time (... when I'm not walking or running to make up my "Move" goal ...) and when I shift from "low" to "high" is when the Watch loses it's mind and thinks I'm in a coma. Or dead.
Some of these errors can be fixed by wearing the watch as snug as you can stand during workouts. Sadly, that causes the rubber band to stretch, and as luck would have it I've just about stretched my current band to where I need a new one.