Boy, I will probably get smacked for this, but I think the Nikon Monarch should be only comapred to the Leupold V-XIII, not the V-II. I have had 4 of the Nikon Monarch's and at least a half dozen of the Leupolds. The Leupolds will always keep their value if you trade or sell gun stuff. The Nikon Monarch, to my eye, is clear of coloration. All of my Leupolds seem to have a bit of yellow to them. I have a 6x20x40AO on my Rem 700 VSSF .308, it is a nice scope, but when I look through the Nikon Monarch 2x7x32 on my M1A, the Nikon is crystal clear and the Leupold is slightly yellowish. I have a Nikon Monarch 3x9x40 I keep for load development on my Compass Lake DCM/CMP rifle and it is as clear as a bell.
As a side note, I have been a photographer and cinematographer since 1977 and I make a living looking through glass. I don't expect to see and color, no matter how slight, when looking through todays multi-coated glass.
Another thought, the V-II does not have ALL the elements coated and it is not a one piece tube. The Monarch has ALL the elements coated and it is a one piece tube.
Can't too wrong with either.
Bill
I forgot to mention, there are only 2 companies that make optical glass, Schott in Germany and Howya in Japan, so no scope is entirely "made" in the US. Kinda like the Harleys that were made in Japan and assembled in Milwalkee (spell?). The China stuff doesn't ring very well for me, but the Monarchs are made in Japan and I can't remember where the other one was made, but it was not China.