https://chobi7979.blog.fc2.com/blog-entry-604.html?spI found an old blog entry back from 2011 about the HobbyFix XM177E2. This is a very nice model and it was one of the most realistic dummy models back then in the early 1990s. It had some tradeoffs (wrong markings “Commando”, which was only common on the earlier XM177E1 with the short 10 inch barrel instead the correct “XM177E2”, no unique serial number and screwed-in dummy firing pin to mention some). These things were improved on the later M4A1 and M16A4 models, but other than that the XM177E2 is great. It is using real (sadly non Colt) AR-15 aftermarket parts like handguards and retractable stock, but the pistol grip was most likely a real Colt part (marked “C” inside). HF got the grey finish quite realistic looking, but this finish is generally suffering from aging after almost 30 years now.
The author is writing that he was able to get it second-handed at the famous Victory show for 50.000 JPY, which for sure was a good price, even in 2011. He also writes that it was most likely made in only 120~130 pieces and originally sold for 130000 JPY.
It came with a real 30 rd magazine (maybe from various manufacturers) that got a new dark grey coating from Hobby Fix that quickly wears off where the magazine is inserted into the mag well.
It is very hard to get one these days, especially when you are after a boxed one with the five dummy rounds that were the only accessories. The few that showed up over the last years were sold in the 150000 – 200000 JPY price range. The later M4A1 models are even more sought after and will cost even more these days.