HiEdWell, it's settled and proven knowledge there were at least 5 versions of the 50/1.4, differences being number of elements/groups (7/5 vs 7/6 I believe, or something along those lines). There were differences in coatings, as well (at least 3 different versions there - single coated, MC (marked MC) and later MC, called "new MC" by Olympus). This is all well documented and proven, via multiple sources, not the least of which are the actual parts diagrams and service info from Olympus themselves. Mechanically they are all about the same, with a nod going to later ones for more well-sealed groups.
In practice, there will be differences optically, but they may be too subtle for some users to notice. I've had multiple versions, and given the reasonably low difference in cost, it makes sense to go for the best (>1.075m serial #). The difference between the latest ones and earlier ones is usually < $100 so no sense fooling around, go for the latest and greatest version.
-Ed
Good thoughts. It was the 50/1.8 and 85/2 that changed number of groups, not the 50/1.4, thanks for the clarification on that.
What it boils down to is, there isn't ant difference between any version in practical photography. The difference will show if you buy a bunged lens that someone else wants to be rid of, or you plan on shooting test patterns all day.
I've used the Olympus 50mm f1.4 as the primary lens on my DSLR for quite some time. Having been a Takumar 50mm f1.4 user, I much prefer the Olympus. Besides great glass and silky smooth focusing, the location of the aperture ring is what makes this lens a winner for me. Sn 1142599.
You need a solid tripod, test chart and slow film to characterise the differences apart from the single v multi coating...
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