Toned Coins - Collect Or Not,

• The scene at the coin show was so impressive, I doubt that I shall ever forget it.  Dealers from all over the U.S. were present here in Texas.  I was able to browse through the bourse and see examples of the really rare ones. And then, there it was.   There was a table with two (or was it three) showcases of Morgan dollars and every coin had a whopping rainbow tone.  Extensive tone, on both sides. To me it looked more gaudy than eclectic.  I had occasionally seen a toned Morgan or Peace dollar, but hundreds?  And to the exclusion of almost anything else?  I truly suspected that a lot of work had been expended in artificially toning these coins, but I did not know how to tell or what to look for. 
• Many collectors put artificially toned coins in the same category as cleaned coins.  And, thus most collectors assign a lower value to these than treated coins.  I put toned coins in the same category as problem coins.  See my thoughts on acquiring problem coins in my guide on collecting coins.
• So, after doing some research on artificially toning coins, I have learned the following:
• All coins can tone.  Nickels, Coppers, Silver, even Gold (although not to the extent as silver).  Some look pretty, some not.  I have some beauties in my Jefferson collection.
• Toning can occur on only one side or both.  This Morgan  has toned extensively on the reverse, but is absolutely clear on the obverse.  This can happen particularly with a coin that is stored as part of a roll and it is the end coin.
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• Here are some gold coins that have toned:
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• Toned coins that have been graded by the top tier grading services are usually not artificially toned. 
•   Mistakes can happen, but rarely.
• The best procedure that I have found to detect artificially toned coins is to look at the field of the coins, either the obverse or reverse, near the rim.  Coins rarely tone from the center out, possible but rare.

• Typically there is lettering or numerals (the date for instance) near the edge.  Look at the letters, or mottos,or date and try to determine if they look toned also.  If so, then the coin is probably artificially toned.  Why?  Physics and chemistry.  Toning is actually a thin layer of corrosion and corrosion spreads linearly.  Thus, the corrosion would not spread up the edges of the letters or numbers, across the field of the letters and then down the farther side at the same rate that it would spread across a smooth, unobstructed surface.  Whereas if the field is toned but the letters or numbers are still bright or a lighter shade above the surface of the field, then the coin has probably toned over the decades while it was residing in its holder.

 After studying the previous information, what do you think about these coins?  Some are less than a few years old.

I recommend that you set up an Ebay search for U.S. Coins, "toned".   Reviewing the coins offered will help recognize the artifically toned from the naturally toned from age. 

• Another issue caveat in which to be wary, is that naturally toned coins make it a little more work to determine an accurate description of condition.  In my opinion, the grade should always come first.  If you like the grade AND you like the toning, then premium prices may be in order.  BUT, premium prices should not apply  much beyond the full retail value of the coin for its respective condition.  See the example below:

The liberty seated dime here has has stunning toning that attracted me right off.  But, the condition is AU, all right it is at least AU 58, head is indistinct, wear on both breasts, knees slightly worn, ribbon on reverse is not sharp like it would be on a typical MS 63.  NGC guideline price on a MS 63 is $240, AU 58 NGC guideline price is $110.  The dealer asking price is $240.  No problem with that since a dealer may ask whatever he/she chooses, but as a buyer one would not, in my opinion, receive value for money spent.  I would probably consider a premium over the AU58 in order, but not up to the guideline price of a MS 60 at $132, say $125.

So, sharpen up your grading skills first, then react to you gut feelings regarding the attractiveness of the toning before commiting hard cash.

• If you have additional information on this topic, I would like to hear from you.