I just received a filter for a Canon ltm 50mm lens. The filter (UV) is in good shape, but the glass is loose and moves a bit. I don't think it's in danger of falling out. Is this common with older filters? It was supposed to be in Mint condition...and I'm not sure if I think that applies or not.
A clipped retaining ring one may take out and twist it out of its plane, thus giving it a spring effect against the glass for tighter fit.
To the OP's question:
There will be no technichal problem with a loose filter. Neither for lateral shift of the glass, nor for swing against the optical axis.
Rolleiflex Bay II and Bay III filters are also a bit loose. Years ago, I read that they were made like this to eliminate stress flexing, although I am a bit dubious of this happening.
Canon original hood for 50mm RF lens had space for Series VI filters. Why on earth did they decide to make their RF lenses fitted with 40mm filters?? Just to have their own size?? Leica was 39mm, Zeiss Contax 40.5mm.
I'm talking about Canon S-42 hood for 50/1.8 - Series VI. Some other, bigger Canon hoods from the same vintage also had series VII or VIII "slots" in them. Canon 2.8/28mm is also 40mm.