By Douglas LePre – Senior Portfolio Manager, Blanchard and Company, Inc ……
In the many years that I’ve been in this market, one of my favorite areas of interest has always been type silver coins, regardless of whether they are proof or mint state.
One of the many factors associated with my love of silver coinage is the various ways in which they tone as they age. Oxidation – or toning as it’s referred to – can be either amazingly colorful and beautiful or really dark and hard to appreciate. In my opinion, toning always adds a layer of intrigue to any coin, and in some instances, quite a bit of value.
In just the last seven to 10 years, toned coins have become increasingly more popular with collectors and investors alike. I think they bring another layer to the thrill of the hunt.
Silver, gold, nickel, and copper all tone at their own pace because toning takes place as a result of many different factors. Basically, coins tone as the base metal in a coin reacts with its surrounding environment. Temperature, humidity, and even the means of storage can all play a role in how a coin tones.
Different gasses in the air can also lead to different types of toning. One of them – sulfur – occurs naturally and will combine with the moisture in the air to accelerate toning. Most coins that were preserved prior to the introduction of acid-free paper or clear PVC were stored in paper and cardboard holders, wrapped in white tissue paper, sealed in brown or manila envelopes or stored in antique coin albums – each of which contributed to the toning process.
Listed below are some general descriptions of how different coins tone and what collectors might expect to see from the variety of metals used in the minting process:
- Copper – Orange to red or reddish-brown, and full brown to almost black
- Nickel – Silver-ish to a smoky gray
- Silver – Blast white to light grey to black. Also greens, magenta, orange, gold, and blue. Sometimes rainbow-style colors may appear, which can add significant value.
- Gold – Bright yellow to orange. Sometimes a reddish color.
Sometimes it’s hard to see a coin’s beauty when it’s toned very darkly – from dark blue to almost black. However, in other instances, a coin can possess the full spectrum of a rainbow, and even still there are coins that simply possess a grayish patina that gives them a crusty original look.
Whatever the look or cause, toned coins are generally either something collectors love or hate.
There are many collectors who prefer white coins to toned examples simply because the untoned version can cost less! Coins with rainbow toning or coins that are vibrantly toned usually carry a price tag that can be as high as two to three times that of a pure white example in the same grade.
While most toning happens naturally to coins, collectors should also be aware that some toning unfortunately can also be simulated artificially by those trying to make a quick buck. Just search the Internet to find a variety of procedures online for creating a toned appearance on coins.
Why would someone try to artificially tone a coin? It’s either an attempt to improve a coin’s eye appeal so it can be sold for a higher price, or more often, the artificial toning is being used to hide imperfections the coin already possesses.
Regardless of the motivation, once a coin’s surface has been tampered with, its value diminishes considerably. No matter how beautiful it may look – and some artificially-toned pieces look gorgeous – if it’s artificially toned collectors should avoid it at all costs.
It usually takes a trained eye to distinguish whether a coin has been artificially altered or not, so collectors in search of beautifully-toned coins should only purchase examples graded by the leading certification companies (PCGS or NGC) to ensure they’re purchasing the authentic article.
Collecting toned coins is a great way to expand the enjoyment that coin collecting has to offer. I find these special works of art fascinating, gorgeous, and in some instances, worth the price. I suggest that everyone takes the time to explore the world of toned coins, it really does create a new layer of beauty to an already amazing medium.
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About Douglas LePre
Douglas LePre has been servicing clients of the numismatic community for 30 years and has a comprehensive understanding of the marketplace and its products. Having placed some of the scarcest coins in the market Douglas has established himself as someone who recognizes quality and makes every effort to ensure that his clientele get the highest class of rarity for their portfolio.
Toned coins are a thing of beauty. Even some clad coins tone to beautiful colors. And some people will pay insane prices for a good strike toned coin.