The gold plated Leica Luxus II camera is the only surviving model found and is the first time the camera and its distinctive crocodile skin case has ever been seen.
It is valued at between £500,000 and £800,000 but experts believe because of the trend for the Leica brand, it is likely to reach more than £1m at auction and could become the most expensive camera ever sold.
The camera was given to its late owner, a keen amateur photographer, after the end of World War Two. He used it throughout the 1940s and 1950s and is unlikely to have been aware of how valuable it was to become.
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