Vintage Classic Cameras: The Unvarnished Truth
The Olympus Pen, Part 3, Pen F, FT & FV half frame SLRs
By Jason Schneider
Maitani Yoshihisa, acclaimed Olympus camera designer, holding Pen F in 2005.
The original Olympus Pen F
The world’s first interchangeable-lens half frame 35mm SLR (18 x 24mm format) the Pen F was launched by Olympus in 1963 to complement the highly successful scale-focusing Pen line. Designed by Maitani Yoshihisa, the renowned engineer who had already created the Olympus Pen pocket sized point-and shoots and would go on to develop the landmark Olympus OM-1 and XA, the original Pen F is a masterpiece of ingenuity and compactness that incorporates a host of innovative features. These include a compact rotary focal plane shutter that uses a single low-mass titanium rotor to achieve a top shutter speed of 1/500 sec and X sync at all speeds, a brilliant porroprism viewfinder (an assemblage of highly reflective mirrors) in lieu of a solid glass pentaprism, and a sideways-flipping reflex mirror, all of which help to eliminate the traditional SLR prism bulge. The Pen F was also the heart of a comprehensive system that ultimately included a full complement of dedicated bayonet-mount lenses ranging from 20mm to 800mm, most incorporating depth of field preview buttons.
Original Olympus Pen F with 38mm f/1.8 F. Zuiko normal lens.
The original Pen F, easily identifiable by a prominent gothic F engraved in gold on the front of the body, is roughly the same size as a classic screw-mount Leica. Like the original Leica M3, the Pen F has a two-stroke film advance which Maitani deemed necessary to wind the stiff shutter spring effortlessly. However, it was revised on the subsequent Pen FT and FV, both of which have longer-throw single-stroke wind levers that work with low effort and commendable smoothness.
The Olympus Pen F provides evenly spaced shutter speeds of 1-1/500 sec plus B via a non-rotating, front-mounted shutter speed dial, X sync at all speeds, a bright 0.8x (with standard lens) porroprism viewfinder incorporating a Fresnel lens, a hinged back with an easy loading system, a 2-sroke, 90-degree film wind/shutter cocking lever, and a folding rewind crank. The Pen F has no self-timer or built-in light meter, but an accessory CdS light meter was available that attaches to the shutter dial with a two-pronged bayonet mount and is operated via a milled ring on its underside. Note: the meter was designed for 1.35v mercuric oxide cells and must be upgraded to work with current 1.5v alkaline or silver oxide cells. It’s estimated that about 190,000 half frame Pen Fs (not to be confused with the digital Pen-F introduced in 2015) were made over the course of its production run from 1963-1966.
Olympus Pen F with accessory CdS meter attachment installed.
The bottom line:
The Olympus Pen F is the best choice for user collectors because its viewfinder is noticeably brighter than the one in the later Pen FT (which siphons off some light passing through the lens for its built-in TTL metering system) and it’s easier to focus, especially in dim light. The average Pen F is somewhat less expensive than the FT—it’s readily available used in excellent or better condition at prices ranging from $150-$300 with 38mm f/1.8 F. Zuiko normal lens and $300-$350 with 40mm f/1.4 G. Zuiko lens. These cameras are generally quite reliable and lots of fun to shoot with, and both the f/1.8 and f/1.4 normal lenses deliver outstanding imaging performance. Indeed, all the Olympus Zuiko lenses in Pen F mount are superlative, and while the rarest and most coveted examples command princely prices, they’re still one of the best reasons for anyone getting into the world’s most compact 35mm SLR system.
The Olympus Pen FT
The Pen FT replaced the Pen F in 1966 and was in production until 1972. Closely based on the Pen F, the FT includes all the Pen F features described above, but adds a mechanical self-timer (operated with a front-mounted lever with an integrated actuation button) a built-in CdS metering system that takes full area average readings off the focusing screen, and it now has a single-stroke wind lever that operates in a wider arc than the one in the Pen F, which requires two short strokes to advance the film. It’s easily identifiable by the Pen-FT logo on top, and it was offered in chrome and less commonly in black finish. Its finder image is somewhat dimmer than the Pen F’s since some light is directed to the meter cell. The meter is not coupled to the aperture ring and the exposure is read out in the finder by a needle that points to a proprietary exposure value scale (not EV numbers). To set the correct exposure you transfer that number to a corresponding aperture value ring that’s included on all Zuiko Pen F-mount lenses made for the Pen FT. A total of about 275,000 Pen FTs were over the course of its 7-year production era.
Olympus Pen FT with 38mmm f/1.8 F. Zuiko lens.
The bottom line:
The Pen FT is very competent, reliable, and a satisfying camera to use despite having a somewhat dimmer viewing image than the meter-less Pen F and FV and its slightly inconvenient metering system with film speed settings that top out at a blistering ASA 400. You can brighten up the finder by mounting a 40mm f/1.4 G. Zuiko lens or (if you have a spare $300-500) the rarish 42mm f.1.2 H. Zuiko. However, in most shooting situations the FT’s finder will not disappoint unless you happen to specialize in night shooting. So, if you come across an FT in nice shape at an attractive price, go for it. Note: the metering system was designed for 1.35v mercuric oxide cells and must be upgraded ($50 or so at most repair shops) to work with current 1.5v alkaline or silver oxide cells. You can currently snag a clean Pen FT with 38mmm f/1.8 F. Zuiko lens for $200-300, and one with a 40mm f/1.4 G. Zuiko for an additional $50 or so. Black FTs are very pretty, but at $400-450 per copy I’d leave them to the showcase collectors and the fat of wallet.
Black Olympus FT with 38mm f/1.8 F. Zuiko lens: Pretty but pricey.
The Olympus Pen FV
The Pen FV of 1967-1970 is simply a Pen FT minus the built-in metering system, so it has the brighter viewfinder of the Pen F plus the single stroke film wind lever and built-in self-timer of the FT, a combination that many consider the best. Because it’s coveted by Pen F shooters and only about 45,000 were made, the FVs tend to command higher price than other Pen F models, exceeded only by the black FT.
Olympus Pen FV with 40mm f/1.4 G. Zuiko lens: The best of everything?
The bottom line:
At about $300-400 per copy with normal lens the Pen FV costs about $100 more than a comparable Pen F or chrome FT, but depending on your priorities, it could be well worth it. Other than price there are no downsides and it’s a great fun shooter’s camera. But bear in mind that a plain Pen F is virtually the same camera for less money. By the way, the FV is fully compatible the same CdS meter that clips onto the Pen F (about $100), so you can have your FV and your meter too, so long as you upgrade the latter to work current 1.5v batteries.
The Olympus Pen, Part 3, Pen F, FT & FV half frame SLRs
By Jason Schneider

Maitani Yoshihisa, acclaimed Olympus camera designer, holding Pen F in 2005.
The original Olympus Pen F
The world’s first interchangeable-lens half frame 35mm SLR (18 x 24mm format) the Pen F was launched by Olympus in 1963 to complement the highly successful scale-focusing Pen line. Designed by Maitani Yoshihisa, the renowned engineer who had already created the Olympus Pen pocket sized point-and shoots and would go on to develop the landmark Olympus OM-1 and XA, the original Pen F is a masterpiece of ingenuity and compactness that incorporates a host of innovative features. These include a compact rotary focal plane shutter that uses a single low-mass titanium rotor to achieve a top shutter speed of 1/500 sec and X sync at all speeds, a brilliant porroprism viewfinder (an assemblage of highly reflective mirrors) in lieu of a solid glass pentaprism, and a sideways-flipping reflex mirror, all of which help to eliminate the traditional SLR prism bulge. The Pen F was also the heart of a comprehensive system that ultimately included a full complement of dedicated bayonet-mount lenses ranging from 20mm to 800mm, most incorporating depth of field preview buttons.

Original Olympus Pen F with 38mm f/1.8 F. Zuiko normal lens.
The original Pen F, easily identifiable by a prominent gothic F engraved in gold on the front of the body, is roughly the same size as a classic screw-mount Leica. Like the original Leica M3, the Pen F has a two-stroke film advance which Maitani deemed necessary to wind the stiff shutter spring effortlessly. However, it was revised on the subsequent Pen FT and FV, both of which have longer-throw single-stroke wind levers that work with low effort and commendable smoothness.
The Olympus Pen F provides evenly spaced shutter speeds of 1-1/500 sec plus B via a non-rotating, front-mounted shutter speed dial, X sync at all speeds, a bright 0.8x (with standard lens) porroprism viewfinder incorporating a Fresnel lens, a hinged back with an easy loading system, a 2-sroke, 90-degree film wind/shutter cocking lever, and a folding rewind crank. The Pen F has no self-timer or built-in light meter, but an accessory CdS light meter was available that attaches to the shutter dial with a two-pronged bayonet mount and is operated via a milled ring on its underside. Note: the meter was designed for 1.35v mercuric oxide cells and must be upgraded to work with current 1.5v alkaline or silver oxide cells. It’s estimated that about 190,000 half frame Pen Fs (not to be confused with the digital Pen-F introduced in 2015) were made over the course of its production run from 1963-1966.

Olympus Pen F with accessory CdS meter attachment installed.
The bottom line:
The Olympus Pen F is the best choice for user collectors because its viewfinder is noticeably brighter than the one in the later Pen FT (which siphons off some light passing through the lens for its built-in TTL metering system) and it’s easier to focus, especially in dim light. The average Pen F is somewhat less expensive than the FT—it’s readily available used in excellent or better condition at prices ranging from $150-$300 with 38mm f/1.8 F. Zuiko normal lens and $300-$350 with 40mm f/1.4 G. Zuiko lens. These cameras are generally quite reliable and lots of fun to shoot with, and both the f/1.8 and f/1.4 normal lenses deliver outstanding imaging performance. Indeed, all the Olympus Zuiko lenses in Pen F mount are superlative, and while the rarest and most coveted examples command princely prices, they’re still one of the best reasons for anyone getting into the world’s most compact 35mm SLR system.
The Olympus Pen FT
The Pen FT replaced the Pen F in 1966 and was in production until 1972. Closely based on the Pen F, the FT includes all the Pen F features described above, but adds a mechanical self-timer (operated with a front-mounted lever with an integrated actuation button) a built-in CdS metering system that takes full area average readings off the focusing screen, and it now has a single-stroke wind lever that operates in a wider arc than the one in the Pen F, which requires two short strokes to advance the film. It’s easily identifiable by the Pen-FT logo on top, and it was offered in chrome and less commonly in black finish. Its finder image is somewhat dimmer than the Pen F’s since some light is directed to the meter cell. The meter is not coupled to the aperture ring and the exposure is read out in the finder by a needle that points to a proprietary exposure value scale (not EV numbers). To set the correct exposure you transfer that number to a corresponding aperture value ring that’s included on all Zuiko Pen F-mount lenses made for the Pen FT. A total of about 275,000 Pen FTs were over the course of its 7-year production era.

Olympus Pen FT with 38mmm f/1.8 F. Zuiko lens.
The bottom line:
The Pen FT is very competent, reliable, and a satisfying camera to use despite having a somewhat dimmer viewing image than the meter-less Pen F and FV and its slightly inconvenient metering system with film speed settings that top out at a blistering ASA 400. You can brighten up the finder by mounting a 40mm f/1.4 G. Zuiko lens or (if you have a spare $300-500) the rarish 42mm f.1.2 H. Zuiko. However, in most shooting situations the FT’s finder will not disappoint unless you happen to specialize in night shooting. So, if you come across an FT in nice shape at an attractive price, go for it. Note: the metering system was designed for 1.35v mercuric oxide cells and must be upgraded ($50 or so at most repair shops) to work with current 1.5v alkaline or silver oxide cells. You can currently snag a clean Pen FT with 38mmm f/1.8 F. Zuiko lens for $200-300, and one with a 40mm f/1.4 G. Zuiko for an additional $50 or so. Black FTs are very pretty, but at $400-450 per copy I’d leave them to the showcase collectors and the fat of wallet.

Black Olympus FT with 38mm f/1.8 F. Zuiko lens: Pretty but pricey.
The Olympus Pen FV
The Pen FV of 1967-1970 is simply a Pen FT minus the built-in metering system, so it has the brighter viewfinder of the Pen F plus the single stroke film wind lever and built-in self-timer of the FT, a combination that many consider the best. Because it’s coveted by Pen F shooters and only about 45,000 were made, the FVs tend to command higher price than other Pen F models, exceeded only by the black FT.

Olympus Pen FV with 40mm f/1.4 G. Zuiko lens: The best of everything?
The bottom line:
At about $300-400 per copy with normal lens the Pen FV costs about $100 more than a comparable Pen F or chrome FT, but depending on your priorities, it could be well worth it. Other than price there are no downsides and it’s a great fun shooter’s camera. But bear in mind that a plain Pen F is virtually the same camera for less money. By the way, the FV is fully compatible the same CdS meter that clips onto the Pen F (about $100), so you can have your FV and your meter too, so long as you upgrade the latter to work current 1.5v batteries.