The Leica M5, launched in 1971, stands as a true outlier in the history of the M-series. It was a radical, almost heretical, break from the pure aesthetic that defined earlier models like the M3 and M4. This shift was not merely cosmetic; it was a fundamental re-engineering of the camera to embrace modernity. For the first time in an M-camera, photographers gained a built-in exposure meter that measured light directly through the lens. This change was crucial, but it completely transformed the camera's revered silhouette.
The M5's immediate commercial failure tells an incomplete story. It was a commercial flop because it offended the purists who expected a continuation of the classic, compact design. However, it was an engineering triumph that guaranteed the future survival of the M-series. Without the M5’s bold experiment, subsequent iconic models like the M6 might never have incorporated TTL metering so effectively. The M5 deserves a deeper look, not as a mistake, but as a necessary and essential evolutionary bridge.
The Necessary Design Departure
The most obvious difference when holding the Leica M5 is its sheer size. It is noticeably taller and wider than its predecessors, creating a much chunkier presence in the hand. This change was a direct result of integrating the new metering technology inside the body. The classic, sleek lines of the M-series were disrupted, resulting in a camera that simply did not look or feel like a traditional Leica.
This size increase was highly polarizing. Purists felt the camera had lost the stealth and compactness that made the M-series famous for street photography. Leica also controversially relocated the strap lugs, placing them on the side of the body instead of the top plate. This was designed for vertical carrying, which many photographers found cumbersome and awkward compared to the traditional horizontal carry.
Another significant, and highly debated, feature was the vertical orientation of the shutter speed dial. On earlier models, this dial was concentric to the advance lever. The M5 placed it vertically on the front of the camera, making it easier to adjust with the camera to the eye. This shows that Leica was focusing on user-friendly operation in the heat of shooting, even at the cost of the M-camera’s classic elegance.
Engineering Genius: The Swinging Meter
The revolutionary core of the M5 is its through-the-lens or TTL exposure metering system. This was the first time an M-camera offered light measurement directly inside the body. This system utilized a small metering cell that swung out into the lens mount area when the shutter was cocked. Once the exposure was made, the arm swung back out of the way.
This ingenious, yet complex, mechanism ensured highly accurate light readings. It solved the problem of external meters being inaccurate with wide-angle or telephoto lenses. However, the movement of this meter arm is precisely what dictated the M5's larger body size. The space was needed for the meter to operate freely and avoid collision with the rear elements of wider lenses, especially the 35mm and 50mm Summicron lenses.
The swinging arm design was ultimately refined and simplified in later M models, but the M5 laid the essential groundwork. It proved that in-body TTL metering was possible without a mirror box. This mechanical complexity also contributes to its higher maintenance needs today, but it is a critical piece of photographic history.
Handling And Ergonomics: A Polarizing Experience
Despite its size, the handling of the M5 is surprisingly well-regarded by a dedicated following today. The larger body gives the photographer a more substantial grip, especially for those with larger hands. This added weight can contribute to stability and reduce camera shake in certain shooting scenarios. The camera simply feels more modern and less fragile than its lighter predecessors.
The vertical shutter speed dial proves its worth during field testing. Adjusting the shutter speed without breaking the eye contact with the viewfinder offers a noticeable speed advantage. This thoughtful design emphasizes the practical side of photography, prioritizing workflow efficiency over pure form factor. The viewfinder itself is classic M-series quality, bright, and clear, with frame lines that were expanded to accommodate new lenses.
My experience using the M5 on a crisp autumn day revealed a significant aspect of its design. The dedicated shutter speed dial and the clear, simple metering display in the viewfinder allowed for quick adjustments in rapidly changing light conditions. While the camera is not as instantly pocketable as an M4, its shooting efficiency is arguably superior for practical, non-purist work.
The M5 In Today’s Market: Value And Practicality
The Leica M5 occupies a fascinating place in the used camera market. Due to its initial unpopularity, fewer units were produced compared to the highly successful M4 and M6 models. This scarcity, combined with a growing appreciation for its functionality, has driven prices up significantly. As of late 2025, a well-maintained Leica M5 body typically sells for between $1800 and $4500 USD.
The price is highly dependent on factors like cosmetic condition, the color (black chrome is often pricier), and whether a service history is available. Prospective buyers should be aware that the market price is volatile and depends greatly on the camera’s mechanical health, particularly the delicate metering system. This system should be checked by an authorized technician before purchase.
For a serious film photographer, the M5 offers the best of both worlds: the classic M-lens compatibility and a highly functional, built-in light meter. This removes the need for an external meter, streamlining the photographic process. Proper maintenance, including a CLA or Clean, Lubricate, and Adjust service every few years, is essential to ensure the longevity of this unique rangefinder.
The M5’s legacy is ultimately one of redemption. It was the camera Leica had to make to move forward, and while it alienated some, it empowered the next generation of rangefinders. It is a bold, functional, and historically significant camera that deserves its current high regard.