"I-Class Submarines, 92-Type Airplanes, and KWANON Cameras: All No. 1 in the World" This was the catch phrase used in the Asahi Camera magazine ad for this camera. A hint of the times. It was June 1934 and the ad was placed by Seiki-Kogaku Kenkyusho (Precision Optical Instruments Laboratory), the forerunner of Canon Inc. Seiki-Kogaku was started to develop the KWANON which was conceived by Goro Yoshida (1900-1993). Germany's Leica and Contax were already well-established makers of high-end 35mm cameras when Yoshida pursued his dream of the ideal Japan-made 35mm camera. There were supposedly four variants of the Kwanon camera.

See recent price change history for the Canon Kwanon.