Using our catalogue of V$_{26.5}$ isophotal magnitudes for 6756 galaxies in a region covering 60~$times$~25~arcmin$^2$ in the center of the Coma cluster, plus 267 galaxies in a region of 9.7~$times$~9.4~arcmin$^2$ around NGC~4839, we derive the luminosity function in the magnitude range 13.5$leq V_{26.5} <$ 21.0 (corresponding to the absolute magnitude range $-22.24 < M_{V26.5} leq -14.74$). The luminosity function for this region is well fitted by the combination of a gaussian in its bright part and of a steep Schechter function (of index $alpha =-1.8$) in its faint part. Luminosity functions derived for individual regions surrounding the brightest galaxies show less steep slopes, strongly suggesting the existence of environmental effects. The implications of such effects and galaxy formation scenarios are discussed.