A Honus Wagner Single Signed Baseball is worth about $4,000.-$5,000. Cut signatures about $400.-$500., and 3x5 index cards about $500.-$600. I would put the signed envelope postmarked 1939 in the index card category. The postmark might add some value or make it a little more desired than a index card.
Prices will vary based on condition, the type of authenticity that accompanies the signature, and how well the item displays the signature. signatures that have not been properly authenticated could sell at half the market value or less.
In a recent auction held in October 2007 a Honus Wagner Cut 3x5 signature sold for $1,015.75 The signature was authenticated, and graded by PSA/DNA and encapsulated by PSA/DNA for protection. surprisingly the signature was signed in pencil but it is strong. The encapsulated authenticity put this signature at a high price, as well as the highly desirable "J. Honus Wagner" signature like the one you have.
Another Honus Wagner Cut-Signature signed on a 3x4 inch piece of paper PSA DNA/GAI Authenticated sold for $573.60 Very strong ink signature. For more information visit my website linked below.
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