The Leotax Model K3 is a late version of a late version kind of camera. The Model K itself was a budget version of the Leotax F, with features removed from the camera to make production less expensive. The Model K was an attempt to target an audience that didn't want to buy into the company's higher-priced cameras and the K3 took that just one step farther. But first, a brief overview.
The Leotax cameras are a series of 35mm rangefinders built by Shōwa Kōgaku Seiki K.K. The company had other names before and after this, but Shōwa Kōgaku Seiki K.K was their name for the longest period of time. Their cameras were basically clones of the Leica II and III and certainly bear a strong resemblance. As the line was developed, design and production steadily improved. By the time the Leotax K3 was rolled out in the late 1950s, the Leotax series had become a fairly decent alternative to some of the more popular and more expensive rangefinders on the market.
Shōwa Kōgaku Seiki hoped to make their cameras even more enticing by offering a lower-priced model. In order to do this they removed the top 1/1,000 shutter speed, pared down the available slow speed options (no Bulb mode for example), and removed the flash sync selector that allowed for changing between electronic and flash bulb synchronization. The coupled rangefinder, electronic flash sync, and sturdy build quality were corners left uncut in the release of this model.
These days a Leotax is a rather uncommon find, in the same ballpark of rarity as a Nicca (Type 4 or 5L), though perhaps even less common. If you do manage to track one down, this Leica clone will make a great addition to your collection!