To answer your question directly, I would have a hard time deciding between the Summicron DR 50/2 and the Canon 35/2. There is one for sale on eBay now from a reputable seller. This lens will probably sell for $350-$400
If I had $500 though, I'd spend it on the following 3 lens set: The CV 25/4 could be found for $250. The Canon 50/1.8 can be bought for $150. Which leaves you $100 to buy a portrait length lens. Actually, I have a very capable Komura 105/3.5 for sale on eBay myself for $100.
I use both the Canons, 5cm f/1.8 and 3.5cm f/2, on M bodies with adopters, try and get a type II 35mm f/2, i.e. late high serial number, and you need to get 2x canon 40mm UV filters and series hoods as well.
They are cheap but medium to high in contrast, prefer then to the leitz contentomparies.
The CV 40mm f1.4 is another option, filters and hoods are simpler and you have only one lens, i.e. no swapping.
Voigtlander Bessa L with a 12 mm f 5.6 lens, in Black.
I had the complete Minolta CLE, 3 lens kit made by Leica in the m mount, ( the Leica 28 mm f 2.8 Elmarit the Leica 40 mm f 2.0 Summicron & the 90 mm f 2.8 Tele-Elmarit ) & the stupid little flash.
I traded the whole set for a Black Contax G2 with the 4 A.F. lens set, ( the 21 mm f 2.8 Biogon, the 28 mm f 2.8 Biogon, the 45 mm f 2.0 Planar & the 90 mm f 2.8 Sonnar ) & the stupid little flash. Never regretted it, for a second.
But since the 16 mm f 8.0 was out of the question,
I got a Voigtlander Bessa L with a 12 mm f 5.6 lens, in Black.
I'm currently looking for a Black 15 mm f 4.5 to round out this kit.
So the answer is a Voigtlander Bessa L with a 12 mm f 5.6 lens, in Black.
“because if budget restraints you could only afford one RF lens $500.00 or less what would it be?”
Due to budget restraints after purchasing a Leica MP and a Leica 90mm f/2 lens, I would purchase a Voigtlander Nokton 35mm f/1.4.
I could be wrong, but it will depend on which body you have and if you want to use a finder. I'd stick with a 50mm for the older Leicas.
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Mine was the Summicron DR 50mm, f/2. That's what I paid for it. The goggles were an extra $150.
M3, M5, CLE, Minolta XE7, Minolta Maxxum 9, Minolta Maxxum 9000, Nikon F3HP, etc., etc.
I had an M6 and my first lens was a Canadian-made Summicrom-M 35m/f2. It might be possible to get a version within budget but they're commanding a bloated price (probably due to the relative weakness of £ sterling right now).
I supplemented this with a CV 28mm/f1.9 and CV 75mm/f2.8 but 90% of my shots were taken using the 35mm as it is just so versatile, razor-sharp, quick and distortion-free.
Paul Jenkin (a late developer...)
"Rigid" Summicron. It's the same optical cell as the Dual-Range, it's 50mm, lighter and cheaper than the DR. Great Leica optic. I'm assuming a Leica M camera. In screw mount, I'd get a newer ('50s) Elmar 3.5. The lens that made Leica famous.
A Leica M-mount lens for $500 or less?
1. Well if it must be a Leica, then you are mostly going to be looking at older Leica lenses for $500 or less.
All of the following can be found in perfectly fine user condition in your price range.
-50/2 Summicron Collapsible
-50/1,5 Summarit --> beautiful rendering but buy only if it has no scratches/haze
2. Non-Leica M mount lenses:>
-Used ZM 50/2 Planar
-CV 50/1,5 in LTM
-CV 50/2 50/3,5
-Canon 50/1,4 LTM ---> excellent all-round lens
-Hexanon M- mount 50/2 --> superb lens, but might be just above 500$
"A great civilization is not conquered from without until it has destroyed itself from within." W. Durant
You might also consider a 35/2.8 Summaron. The one for the M3 (which I have) has the infamous goggles...which add a bit of weight, but look wicked cool. The M2 version lacks the goggles, as the viewfinder of that camera (and succeeding) had the 35 framelines.
The goggled version is a little cheaper, as it is somewhat more awkward to use. It can be employed on any M camera, though.
And mine is sharp. Amazingly so. You can probably find the goggled version for not much more than $300 if you look around, and the later, goggle-less version for maybe a couple of hundred more.