The Mysterious Leica M5 of 1992: We now know more, but not all!
Wetzlar made 20 M5s 17 years after it ceased production, but why?
By Jason Schneider
Leica cameras are renowned for their superb construction, gorgeous finish, optical excellence, and (mostly) elegant form factors. But they also enjoy another less obvious distinction—many Leica models had very long production runs because they continued to sell reasonably well years, or even decades, after they were first announced. Notable examples include the Spartan rangefinder-less Leica Standard (Model E) which debuted in 1932 and was listed in the catalog until 1950; the landmark Leica M3 of 1954 to 1967 (over 220,000 units were made!); the first cast alloy bodied Leica, the IIIc of 1940 to 1951, and the best-selling Leica M6 of 1984 to 1998.
Except for the current Leica M6 that was re-introduced 2022 (it’s largely based on the currect Leica MP) Leica has never resurrected a discontinued model—unless you count the 20 mysterious Leica M5s that were assembled in 1992, 17 years after a total of 33,900 Leica M5 cameras (10,750 in silver, 23,150 in black chrome and including 1.750 50th Anniversary Jubilee models) were assembled between the official production dates of 1971 to 1975. Why did they do it? Read on.
The Leica M5 (drawing) with 50mm f/1.4 Summilux: Yes, it's big, heavy, and not as pretty as a Leica M3, but do you really think it's plug ugly? Not I, said the fly!
A brief overview of the ill-fated Leica M5
The M5 thar debuted in 1971 was the first rangefinder Leica with coupled, TTL, match-needle, selective area (semi-spot) metering, the first M to display selected shutter speeds in the finder, and the first and only Leica that let you set intermediate shutter speeds between ½ and 1/1000 sec. It was also the last Leica M to offer a mechanical self-timer, and the last “bench assembled” Leica M with fully adjustable range/viewfinder calibration. Like the M4, the M5 has a 0.72x viewfinder with projected, parallax-compensating, auto-indexing frame lines for 35, 50, 90, and 135mm lenses, but it also employs an ingenious semaphore-mounted CdS cell that moves into position behind the lens for metering and swings out of the way just before the shutter fires. Finally, it has the largest shutter-speed dial of any Leica, conveniently overhanging the camera front, and an improved quick-loading system. Regrettably, despite its technological prowess, the Leica M5 was a colossal marketing disaster, and its poor sales almost sank the M system. Leica fans rejected it largely because it didn’t look or feel like their beloved Leica Ms. Its die-cast body was too large and heavy, it originally came with 2 side-mounted neck strap lugs for a vertical-only hang (though a third was quickly added in response to vociferous complaints), and they detested its inelegant “industrial” from factor, particularly when compared to the classic M3, M2 and M4.
Black Leica M5 standard issue with 50mm f/1.4 Summilux lens in chrome. Leica aficionados loved to hate it when it was announced, but not anymore. It's a formidable picture taker!
By the time Leitz released an unanticipated and largely unannounced batch of 20 new chrome M5s in 1992, the fury over its un-Leica-like form factor had mostly subsided and its enduring virtues as a shooter’s camera (as reflected in moderately increasing prices for used M5s) were finally appreciated. However, that doesn’t fully explain why Leitz would go to the trouble of making them. One possible answer is money. In the early 1990s Leica was in a precarious financial state due to declining sales and strategic missteps such as failing to effectively respond to its Japanese competitors. While the sale of 20 M5’s alone wouldn’t solve all the company’s fiscal woes, it could well have been a case of “every little bit helps.”
Leica M5 page from Leica-Wiki includes with serial number range of 20 made in 1992--see line above Total at bottom of numerical listing.
What are the exact serial numbers and dates of this alleged run of Leica M5s turned out in Wetzlar in 1992—a “fact” seriously questioned by many leading Leica authorities in the U.S. and Europe? According to the production stats posted on Leica-Wiki (included here) the “total assigned serial numbers” bottom line shows that 33.420 M5s were made between 1971 and 1992. However, the line just above the total reads “1918001 1918020 Leica M5 Hell 1992 20,” indicating the serial number range of a batch of 20 silver finished (Hell in German) Leca M5 cameras that were turned out in 1992. While most Leica historians do not credit Leica-Wiki to with being a dispositive source of information, they are generally correct, and they seem to be in target in this case. How do we know?
For starters, a recent eBay listing shows a clean Leica M5 body in chrome, serial No. 1918015, that was allegedly manufactured in 1992 and bears an appropriate serial number in the range posted on Leica-Wiki The asking price: a paltry $1,888.00, only a tad more than the average selling price of a standard issue used M5. Apparently, the same camera was offered at around $3,000 on an eBay auction in Europe, so the actual selling price (if any) of this camera is unknown. Further research turned up another 1992 Leica M5, serial No.1918020, that was sold at Leitz Photographica Auction number 37 held on November 21, 2020, for the hefty sum of 7,200 Euros (then equivalent to a staggering $8,222.40). These guys don’t mess around, so we’re confident that this provenance is correct. And it’s highly unlikely that both these cameras are imposters.
A 1992 Leica M5? Yes, the serial numer is in the proper range and the engraving looks original. Asking price on eBay was a steal at $1,888.00!
Leitz Photographica Auction No. 37 page showing Leica M5, serial No. 1918020 made in 1992 sold for 7,200 Euros on Nov. 21, 2020!
So how did a score of “post-production” Leica M5s come into existence? According to the scuttlebutt among serious Japanese and European Leica collectors who were in the know about this mysteriously unannounced batch of Leica M5s, they were assembled at the request of some well-connected Japanese dealer who paid cash in advance. However, since nobody could identify this well-heeled, influential person, it all came across as mere conjecture. So, I reached out to a top executive Leica Camera AG and here (to paraphrase) is the essence of his gracious reply:
“These cameras were assembled from existing spare parts by three master technicians in the service department. I contacted one of them who was involved in the project, and he told me the cameras were not built at the specific request of a dealer but were offered proactively by Leica. Incidentally, the same thing was done with Leicaflex SL2 MOT cameras that were assembled after production had officially ceased.”
Top view of Leica M5 chrome No.1918020 made in 1992 and sold at Leitz Photographica Auction No. 37.
This is great information and much appreciated, but it doesn’t indicate how Leica offered these cameras, who purchased them, at what price, and where they were shipped to. The only was such questions can be answered is by contacting the Leica Archives in Wetzlar, assuming of course that this information was recorded and is still accessible.
Wetzlar made 20 M5s 17 years after it ceased production, but why?
By Jason Schneider
Leica cameras are renowned for their superb construction, gorgeous finish, optical excellence, and (mostly) elegant form factors. But they also enjoy another less obvious distinction—many Leica models had very long production runs because they continued to sell reasonably well years, or even decades, after they were first announced. Notable examples include the Spartan rangefinder-less Leica Standard (Model E) which debuted in 1932 and was listed in the catalog until 1950; the landmark Leica M3 of 1954 to 1967 (over 220,000 units were made!); the first cast alloy bodied Leica, the IIIc of 1940 to 1951, and the best-selling Leica M6 of 1984 to 1998.
Except for the current Leica M6 that was re-introduced 2022 (it’s largely based on the currect Leica MP) Leica has never resurrected a discontinued model—unless you count the 20 mysterious Leica M5s that were assembled in 1992, 17 years after a total of 33,900 Leica M5 cameras (10,750 in silver, 23,150 in black chrome and including 1.750 50th Anniversary Jubilee models) were assembled between the official production dates of 1971 to 1975. Why did they do it? Read on.
The Leica M5 (drawing) with 50mm f/1.4 Summilux: Yes, it's big, heavy, and not as pretty as a Leica M3, but do you really think it's plug ugly? Not I, said the fly!
A brief overview of the ill-fated Leica M5
The M5 thar debuted in 1971 was the first rangefinder Leica with coupled, TTL, match-needle, selective area (semi-spot) metering, the first M to display selected shutter speeds in the finder, and the first and only Leica that let you set intermediate shutter speeds between ½ and 1/1000 sec. It was also the last Leica M to offer a mechanical self-timer, and the last “bench assembled” Leica M with fully adjustable range/viewfinder calibration. Like the M4, the M5 has a 0.72x viewfinder with projected, parallax-compensating, auto-indexing frame lines for 35, 50, 90, and 135mm lenses, but it also employs an ingenious semaphore-mounted CdS cell that moves into position behind the lens for metering and swings out of the way just before the shutter fires. Finally, it has the largest shutter-speed dial of any Leica, conveniently overhanging the camera front, and an improved quick-loading system. Regrettably, despite its technological prowess, the Leica M5 was a colossal marketing disaster, and its poor sales almost sank the M system. Leica fans rejected it largely because it didn’t look or feel like their beloved Leica Ms. Its die-cast body was too large and heavy, it originally came with 2 side-mounted neck strap lugs for a vertical-only hang (though a third was quickly added in response to vociferous complaints), and they detested its inelegant “industrial” from factor, particularly when compared to the classic M3, M2 and M4.
Black Leica M5 standard issue with 50mm f/1.4 Summilux lens in chrome. Leica aficionados loved to hate it when it was announced, but not anymore. It's a formidable picture taker!
By the time Leitz released an unanticipated and largely unannounced batch of 20 new chrome M5s in 1992, the fury over its un-Leica-like form factor had mostly subsided and its enduring virtues as a shooter’s camera (as reflected in moderately increasing prices for used M5s) were finally appreciated. However, that doesn’t fully explain why Leitz would go to the trouble of making them. One possible answer is money. In the early 1990s Leica was in a precarious financial state due to declining sales and strategic missteps such as failing to effectively respond to its Japanese competitors. While the sale of 20 M5’s alone wouldn’t solve all the company’s fiscal woes, it could well have been a case of “every little bit helps.”
Leica M5 page from Leica-Wiki includes with serial number range of 20 made in 1992--see line above Total at bottom of numerical listing.
What are the exact serial numbers and dates of this alleged run of Leica M5s turned out in Wetzlar in 1992—a “fact” seriously questioned by many leading Leica authorities in the U.S. and Europe? According to the production stats posted on Leica-Wiki (included here) the “total assigned serial numbers” bottom line shows that 33.420 M5s were made between 1971 and 1992. However, the line just above the total reads “1918001 1918020 Leica M5 Hell 1992 20,” indicating the serial number range of a batch of 20 silver finished (Hell in German) Leca M5 cameras that were turned out in 1992. While most Leica historians do not credit Leica-Wiki to with being a dispositive source of information, they are generally correct, and they seem to be in target in this case. How do we know?
For starters, a recent eBay listing shows a clean Leica M5 body in chrome, serial No. 1918015, that was allegedly manufactured in 1992 and bears an appropriate serial number in the range posted on Leica-Wiki The asking price: a paltry $1,888.00, only a tad more than the average selling price of a standard issue used M5. Apparently, the same camera was offered at around $3,000 on an eBay auction in Europe, so the actual selling price (if any) of this camera is unknown. Further research turned up another 1992 Leica M5, serial No.1918020, that was sold at Leitz Photographica Auction number 37 held on November 21, 2020, for the hefty sum of 7,200 Euros (then equivalent to a staggering $8,222.40). These guys don’t mess around, so we’re confident that this provenance is correct. And it’s highly unlikely that both these cameras are imposters.
A 1992 Leica M5? Yes, the serial numer is in the proper range and the engraving looks original. Asking price on eBay was a steal at $1,888.00!
Leitz Photographica Auction No. 37 page showing Leica M5, serial No. 1918020 made in 1992 sold for 7,200 Euros on Nov. 21, 2020!
So how did a score of “post-production” Leica M5s come into existence? According to the scuttlebutt among serious Japanese and European Leica collectors who were in the know about this mysteriously unannounced batch of Leica M5s, they were assembled at the request of some well-connected Japanese dealer who paid cash in advance. However, since nobody could identify this well-heeled, influential person, it all came across as mere conjecture. So, I reached out to a top executive Leica Camera AG and here (to paraphrase) is the essence of his gracious reply:
“These cameras were assembled from existing spare parts by three master technicians in the service department. I contacted one of them who was involved in the project, and he told me the cameras were not built at the specific request of a dealer but were offered proactively by Leica. Incidentally, the same thing was done with Leicaflex SL2 MOT cameras that were assembled after production had officially ceased.”
Top view of Leica M5 chrome No.1918020 made in 1992 and sold at Leitz Photographica Auction No. 37.
This is great information and much appreciated, but it doesn’t indicate how Leica offered these cameras, who purchased them, at what price, and where they were shipped to. The only was such questions can be answered is by contacting the Leica Archives in Wetzlar, assuming of course that this information was recorded and is still accessible.
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