I'm looking through all of my coins as I prepare to send my coins to NGC, and making some raw purchases in the next couple of days to maybe send in. Anyway, I remember posting about this a while back. I think everyone agreed that it was a badly deteriorated die. It go me wondering - could this be an example of what resulted after the Mint tried to rehab a deteriorating die by repairing and heavily polishing it, leaving grease behind? The surface is very mirrored in select areas, while the center appears to be grease filled. Or is it simply post-Mint polishing?
You don't even need to see the coin for this one, you just need a Redbook. Proof coins were not made in San Francisco in 1940, they were made in Philadelphia. The coin is polished.