Hermann Kobold discovered IC 5306 = K. 2-39, along with IC 5305 and 5307, on 26 Oct 1897 and noted "vF, S." His position is within 1' of CGCG 431-036 = PGC 70992. He identified this object as Kobold 22 (his 22nd discovery) in his 1907 compilation of positions in Strasbourg Annales, Vol. 3, 1907.

Andrew Common possibly discovered this galaxy 17 years earlier. He remarked for NGC 7594 (#27 in his discovery list), "f[ollows] 3 stars in a line 90 degrees pointing to another fainter nebula s(outh)". The nebula to the south is IC 1478 and the northern "star" is probably IC 5305. But without a more specific location Dreyer didn't include the "fainter nebula south" in the NGC.

400/500mm - 17.5" (11/18/95): extremely faint and small, round, 15" diameter, low surface brightness. Situated on a line with IC 5305 3.4' NNW and two mag 14 stars 2.0' NNW and 2.7' NNW. Located 2.0' E of a mag 11.5 star. A mag 15.5 star is less than 1' WSW. In a group with IC 5307 2.7' ESE. An extremely faint edge-on at the northwest edge (LEDA 1376799) was not seen

Notes by Steve Gottlieb