The Leica Tele-Elmar-M 135mm f/4 Type 2 (11861) is the built-in-hood, E46 M-mount version of Walter Mandler's long-lived 135mm telephoto, prized by collectors.
Leica Tele-Elmar-M 135mm f/4 Type 2
M mount
The Leica Tele-Elmar-M 135mm f/4 Type 2 is a M-mount lens for Leica rangefinder cameras. As of August 2026, it sells from €1,157 used across 2 listings, with a 30-day median of €1,157. Leica price index →
How it compares
Measured against the 8 other 135mm M-mount lenses in the catalogue.
Specification
About this lens
Leica Tele-Elmar-M 135mm f/4 Type 2
The Tele-Elmar-M 135mm f/4 Type 2 is the final barrel revision of a Leica telephoto whose optical design proved unusually durable, surviving more than three decades of production essentially unchanged [1][3]. Carrying Leica order number 11861, this version replaced the earlier round-hood Tele-Elmar with a more modern barrel that adds a built-in telescoping hood and adopts the E46 filter thread [2]. It uses the same five-element, three-group formula designed by Walter Mandler, one of the most respected lens designers of the twentieth century, and remains the longest native focal length in the Leica M lineup.
Optically the lens is a compact five-element design arranged in three groups, with a ten-bladed diaphragm and a minimum focusing distance of 1.5 m. The barrel is finished in black, measures about 107 mm long and 56 mm in diameter, and weighs roughly 510 g, which makes it noticeably nose-heavy on a small M body. Focusing is by a long throw of around 180 degrees, which favors precise adjustment over speed [4]. The lens is rangefinder coupled, and like earlier Tele-Elmars its optical cell can be unscrewed from the focusing mount for use with the Visoflex reflex housing and the appropriate focusing adapter. Filters thread into the 46 mm front, and the telescoping hood is integrated into the barrel rather than supplied as a separate accessory.
Collectors should be clear about naming, because the version numbering used across sources is not consistent. The original 1965 Tele-Elmar (order number 11851) used a 39 mm filter and a round screw-on hood, and over its life it gained yellow distance markings in place of the early red scale and changed between scalloped and unscalloped focusing knurls. The Tele-Elmar-M variant carried here, with its built-in telescoping hood and 46 mm filter, was the last to be made and was produced in comparatively small numbers, which makes it less common and generally more expensive than the earlier barrels. The optics did not change across these variants.
Optical qualities
Rendering Reviewers consistently describe this as a strong performer that punches well above its modest price and reputation. The maximum aperture was promoted by Leica as also being close to the optimum aperture, and in practice the lens is regarded as usable wide open with good correction.
Sharpness Testing on high-resolution digital sensors found the lens usable across the whole frame at f/4, with stopping down to about f/5.6 mainly improving edge and corner acuity. Hands-on users report sharpness and contrast that hold up well throughout the aperture range.
Contrast and color Contrast is rated highly, and one reviewer noted an occasional hint of three-dimensional drawing in the rendering.
Flare resistance Flare resistance is a relative weak point. Because it is a telephoto, strong light just outside the frame can produce flare and lowered contrast across the image, and the short built-in hood offers only limited protection against off-axis light, although ghosting with the sun inside the frame is reported as well controlled.
Distortion and vignetting Distortion is minor, described as slight pincushion that is easily corrected in software. Vignetting is modest for the design, measured at roughly one stop wide open and effectively gone by f/5.6.
History
Development and Launch The Tele-Elmar 135mm f/4 was introduced in 1965 and designed by Walter Mandler. Its longevity is notable: the basic optical design ran for more than three decades without an optical update, an unusual record given the advances in glass, coatings and computer-aided design during that period. The lens was eventually succeeded by the APO-Telyt-M 135mm f/3.4, introduced in 1998, which is reported to offer only marginally improved performance over Mandler's design.
Production Evolution Across its production the lens went through external rather than optical changes, retaining the five-element, three-group layout throughout. The early barrel (11851) used a 39 mm filter and a separate hood; later the line was reworked into the Tele-Elmar-M (11861), which integrated a telescoping hood and moved to a 46 mm filter while keeping the same optics. Collector references place the telescoping-hood Tele-Elmar-M among the last lenses made on this design and note that it was built in relatively small quantities compared with the total Tele-Elmar output.
Special editions No major factory special editions or military variants of the Tele-Elmar-M Type 2 are widely documented; the meaningful variation within the family is the change in barrel, filter size and hood rather than commemorative or regional versions.
Collector Notes Buyers should verify which barrel they are looking at, since the Tele-Elmar-M with its built-in telescoping hood and 46 mm filter is distinct from the earlier 39 mm round-hood Tele-Elmar despite sharing optics. The detachable optical head should unscrew and reattach cleanly if a buyer intends to use it on a Visoflex, and as with any older telephoto it is worth checking the glass for haze before purchase. Note that LeicaLensList records this version's production as beginning in 1993; collector references place the telescoping-hood Tele-Elmar-M within an approximately 1992 to 1998 window, so reported start and end dates vary slightly between sources.
Sources
- phillipreeve.net (Bastian Kratzke). Review: Leica 135mm 4.0 Tele-Elmarphillipreeve.net →
- Casual Photophile (Sroyon Mukherjee). Leitz Tele-Elmar 135mm f/4 - Leica's Secret Sonnarcasualphotophile.com →
- Leica Wiki (English). 135mm f/4 Tele-Elmarwiki.l-camera-forum.com →
- PebblePlace (John Schwarz). Review: Leica 135mm F4 Tele-Elmar M #11861pebbleplace.com →
Where to buy
Prices for Leica Tele-Elmar-M 135mm f/4 Type 2
About the usual price. The lowest listing is around the 30-day average.
Lowest price Click a mark to open that listing · arrow keys to step, Enter to open
Price against condition for 2 listings of Leica Tele-Elmar-M 135mm f/4 Type 2, €1,157 to €1,157, median €1,157. Excellent: 2 at €1,157, €1,157. The full table follows.
Price history
Over the last 11 weeks the median price for the Leica Tele-Elmar-M 135mm f/4 Type 2 has risen, ranging from €400 to €1,157 (now €1,157).
Weekly price (EUR). Median (Good or better) and lowest (Good or better) across 11 weeks. The full figures follow in the table below.
The figures behind this chart
| Week | Median | Lowest |
|---|---|---|
| Jun 1, 2026 | €752 | €556 |
| Jun 8, 2026 | €437 | €317 |
| Jun 15, 2026 | €400 | €400 |
| Jun 22, 2026 | €715 | €400 |
| Jun 29, 2026 | €1,030 | Unknown |
| Jul 6, 2026 | €1,089 | Unknown |
| Jul 13, 2026 | €1,089 | Unknown |
| Jul 27, 2026 | €904 | €904 |
| Aug 3, 2026 | €1,157 | €1,157 |
| Aug 10, 2026 | €1,156 | €1,156 |
| Aug 17, 2026 | €1,157 | €1,157 |
What these condition grades mean
Every shop grades differently. Leica Classic uses letters, Ffordes uses E++ and E+, German dealers write "Zustand B", Japanese dealers write A−. We map all of them onto the one ladder below. Where a shop states its own grade, we print it under ours.
- New
- Unused, sold as current stock.Usually the maker's own store or a dealer's new inventory.
- Mint
- Used, but with no wear we can see described.Leica Classic A · Ffordes M
- Excellent
- Light wear, glass reported clean.Leica Classic A− and A/B · Ffordes E++ and E+ · Japanese A−
- Good
- Visible wear from use, optics reported sound.Leica Classic B · "Zustand B"
- Fair
- Heavy cosmetic wear, or a stated optical fault such as haze, fungus or cleaning marks.Leica Classic B−
- Heavily used
- Works, but wear or a fault affects using it.Leica Classic C
- For parts
- Not usable as sold.Leica Classic C− and D
- Unknown
- The listing said nothing we could grade. We show the seller's own words instead of guessing.
Leica Tele-Elmar-M 135mm f/4 Type 2: frequently asked
How much does the Leica Tele-Elmar-M 135mm f/4 Type 2 cost?
As of August 2026, the Leica Tele-Elmar-M 135mm f/4 Type 2 sells from €1,157 used, with a 30-day median of €1,157, across 2 active listings.
Where can I buy a Leica Tele-Elmar-M 135mm f/4 Type 2?
As of August 2026, the Leica Tele-Elmar-M 135mm f/4 Type 2 is sold by 1 source (2 listings), from €1,157 used: all compared cheapest-first on this page.






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