Abstract: A seal and seal shield assembly for rotary drill bits having a journal member comprising a first bearing member, and a rolling cutter with a bore having an open end rotatably mounted thereon comprising a second bearing member. The rolling cutter has a counterbore at the open end defining an annular cavity. The seal and seal shield assembly is compression-loaded in the cavity to retain lubricant in the bit. The seal assembly has a pair of annular rings each with a radially extending wall and an axially extending wall defining an annular seal gland. An elastic spring member compression-loaded in the seal biases the exterior surfaces against the bearing surfaces. A flat malleable annular disc with lubricating properties is positioned at the outer face of the seal assembly and a rigid annular disc is positioned in supporting relation thereto. A second flat malleable annular disc is positioned at the outer face of the rigid disc adjacent to the journal member seal thrust face.