Curiosity about the real-world speed accuracy of the shutters on my various cameras and lenses finally overwhelmed me, and being too lazy to hunt down the parts and build my own, I ordered a $14 (plus $17 shipping and three week's transit time) phototransistor-based tester from a Romanian gentlemen named Vasily Florin (shuttertester@gmail.com) who sells on the auction place under the name "vfmoto".
After playing with this thing for a few days, I have to say it works like Bob's your uncle. Ridiculously easy to set up and use. Just download Audacity (an excellent little free audio editor from Sourceforge.net), plug the tester into a PC or laptop's mic input, turn on any small, bright single-source light (a cheap little single-LED flashlight is perfect) and go to town with it. It's extremely accurate (to five decimal places or more if you want), and if you've never seriously tested your shutters you might be in for some eye-opening results. I was. Most of my shutters (even the old ones) are surprisingly accurate (and very repeatable) from one second down to around 1/125, but only a few can hack it at 1/250 and only one or two came anywhere near 1/400. Most accurate was a Nikkor-W 210/5.6 in a Copal #1, which was nearly dead on at all speeds. I was shocked to see that some of my worst (on high speeds anyway, med/slow were great) were the Seiko leaf shutters on my RB67 lenses. That was pretty disappointing!
But at least now I know where and how much I need to compensate for better exposures, so it was a valuable exercise.
I have zero financial connection to this person's business, I am just a happy customer. If you want to mess with testing your shutters, I can heartily recommend Vasily's tester, which appears to be carefully built, works fine, and came with a seriously long cord (nearly 10').
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