The original Ricoh XR 500 was introduced in 1978, and in some markets rebadged as Ricoh KR-5 and Sears KS 500.
The original XR 500 is the first in the series, with reduced features compared to the earlier XR-1 to meet an aggressively low price target. Its standard lens only offers an aperture F2, and its range of shutter speeds is 1/8–1/500th sec. plus B, with flash sync at 1/60th sec. or lower. The camera omits a depth-of-field preview button or the viewfinder f/number direct-view window and these positions are blanked out with plain black covers on the body.
Two 1.5v silver-oxide batteries are needed to power the light metering circuit, which has a match-needle indicator in the viewfinder. The wind lever must be pulled away from the body to switch on the meter and unlock the shutter release.
The ground glass screen is provided with a diagonal split-image spot surrounded by a microprism. The XR 500 has a hot shoe but no PC terminal.
The price was 39,800 yen, which was epoch-making for a single-lens reflex camera.
Using "Sun Cupper" as the caption for the CF of the TV, it became very popular and set the highest sales record for SLR cameras.