In 1971 Leitz introduced their first rangefinder camera with a built in meter, TTL meter at that. It was the M5, and it was a marketing failure. The camera was the first M series to depart from the styling set by the M3 in 1954. The camera was larger and heavier, and this was held against it by its detractors. The meter cell swung out on an arm just in front of the shutter curtain, swinging back out of the way just before exposure. Certain early wide angle lenses must not be used with this camera, as well as some of the collapsible lenses, as they may hit the meter arm. Early M5 cameras have two strap lugs located in the conventional location.

See recent price change history for the Leica M5.