Stacks Bowers is buying and selling all rare coins and currency

HomeCollecting StrategiesJeff Garrett - A Case for Coin Conservation

Jeff Garrett – A Case for Coin Conservation

Proper coin conservation is effectively anti-coin doctoring


Professional Coin Conservation, by Jeff Garrett for Numismatic Guaranty Corporation (NGC) ……
Several of my very good friends in Lexington, Kentucky, are involved in the restaurant industry. One fellow was CEO of Long John Silver’s and later Church’s Chicken. Another owns and operates two successful, upscale eateries. Occasionally, we discuss topics of health and menu selections in their restaurants and others around the country.

Both have told me on separate occasions that they are constantly pressured to offer healthy selections on the menu. The public virtually demands it. Many state and local governments also require calorie totals on menus. The irony is that most of these healthy alternatives do not sell. One of my friends tells me that despite offering great salads and other healthy options, his bestseller is the bacon cheeseburger!

You’re probably wondering what this has to do with coin collecting. Just ask any collector if they want a “cleaned” coin. They will most assuredly say no, they want original material.

The truth, however, is similar to the situation described above.

Let’s say I offer two Morgan silver dollars for sale of the exact same date, mintmark, and grade, and the only difference is that one is bright white and the other is lightly toned. The bright white example will sell five times faster than the lightly toned coin.

Everyone wants original, bright white, uncleaned coins that are, in many cases, almost 150 years old. Some rare coins survive in this state of preservation, but not many. Dealers usually need to have a coin conserved to remove unattractive toning and give the public what they want: a bright white coin.

Drawn to the Light

The market validates the above observation, as attractive “frosty white” coins usually bring much more at auction. This is especially true for Morgan dollars. The exception is for coins that are deemed as having “beautiful, natural” toning. Coins with attractive, natural toning can sometimes bring prices that boggle the mind, and naturally toned Morgan silver dollars are one of the hottest segments of today’s market.

The subject of re-toning, to achieve the desired effect described above, has been an ongoing issue of contention in the hobby for decades. Over the years, I have seen everything from the most amateur of attempts to what can be considered a masterpiece of deception. “Coin doctoring”, as it’s commonly called, involves adding a foreign substance to coins, which is sometimes referred to as “putty” on a coin. This can have long-term consequences when the coin eventually turns a different color.

Fighting the Battle Against Re-Toned Coins

Third-party grading companies like Numismatic Guaranty Corporation® (NGC®) have been fighting the battle against re-toned coins for decades. Indeed, it is one of the most important services they provide. As it should be–the list of methods for enhancing coins is long and unpleasant, and nobody wants to own a coin that has been artificially enhanced. This is why rare coin certification is so important. NGC makes every effort to ensure that coins that have been artificially enhanced are not eligible for numeric grading.

Many years ago, the subject of conservation of rare coins was an unspoken secret in the rare coin industry. Everyone wanted bright white coins and gave little thought to how they got that way. NGC brought the subject to the forefront when they began to offer professional conservation with Numismatic Conservation Services® (NCS®), an affiliate of NGC. NCS performs professional coin conservation using a variety of proprietary techniques to remove harmful surface contaminants, stabilize and protect a coin’s surfaces and improve eye appeal. NCS does not add anything to a coin’s surface nor do they do anything that may be considered coin doctoring.

An Ongoing Process

While significant progress has been made, coin conservation education is an ongoing process. NGC continues to work hard to protect the integrity of their services and the hobby by educating the public about this complicated subject, from offering detailed information on its website to conducting seminars on grading and conservation. Yet, letters to the editor and message boards are sometimes filled with tirades on coin conservation that are confusing and disturbing to the average collector. Most of these rants are ill-informed and lack a firm grasp of the facts.

So, let’s examine the facts. Coin conservation and coin doctoring are completely different.

Coin conservation is the stabilization and removal of potentially harmful residue on the surface of a coin, while coin doctoring has been defined as adding a foreign substance to the surface of a coin to enhance its appearance. The most common example of this is the re-toning of silver coinage. Understanding this, proper coin conservation is effectively “anti-coin doctoring”.

Regardless of the protections provided by coin grading companies, collectors should make efforts to educate themselves about the appearance of the coins they have chosen to collect, consult with experts on the series, and examine as many coins as possible. Reviewing lots in a major auction gives collectors an amazing opportunity to see coins side by side. The educational opportunity is further enhanced by a study of the prices realized.


Wax On, Wax Off

The Smithsonian Institution’s Museum of American History was faced with a coin conservation learning curve several years ago when its rare coin exhibit of over 40 years was taken down for storage and remounting. Surprisingly (or not), the museum standard of four decades ago was to attach coins in an exhibit by placing a substantial wad of wax to the reverse and sticking the coins on the wall. This was done to even the most extreme rarities in the collection, including the 1849 and 1933 double eagles.

When the issue was discovered, Smithsonian curators and conservators had little or no knowledge regarding the restoration of rare coins, so the museum reached out to NCS for expertise. The Smithsonian’s own experts studied the methods of conservation utilized by NCS for many months before giving approval, for it is not every day that a coin worth $10,000,000 is conserved.

The wax and other contaminants were removed by NCS from the 1849 and 1933 double eagles, and since then, other great rarities in the National Numismatic Collection (NNC) have had wax removed as well. Recently, the staff of the NNC has obtained internal grants to have the remainder of the coins in the collection conserved by removing the wax. It’s an ongoing project given the huge number of coins involved.

More Than Meets the Eye Appeal

Although coin conservation is sometimes misunderstood, if utilized properly it can greatly enhance the value of a rare coin. Also, because the modern market for coins is extremely focused on “eye appeal”, the issue of conservation has become even more relevant today. Collectors demand coins that look nice, and unattractive coins continue to bring less and less when offered at unreserved auction.

All this said, collectors’ tastes vary, and it will be a personal decision as to what coins you wish to collect. However, the next time you consider that blazing white gem, think about how the coin came to be that way. Then, go have a bacon cheeseburger!

Jeff Garrett bio

Jeff Garrett
Jeff Garrett
Jeff Garrett, founder of Mid-American Rare Coin Galleries, is considered one of the nation’s top experts in U.S. coinage — and knowledge lies at the foundation of Jeff’s numismatic career. With more than 35 years of experience, he is one of the top experts in numismatics. The “experts’ expert,” Jeff has personally bought and sold nearly every U.S. coin ever issued. Not a day goes by that someone doesn’t call on Jeff Garrett for numismatic advice. This includes many of the nation’s largest coin dealers, publishers, museums, and institutions. In addition to owning and operating Mid-American Rare Coin Galleries, Jeff Garrett is a major shareholder in Sarasota Rare Coin Galleries. His combined annual sales in rare coins and precious metals — between Mid-American in Kentucky and Sarasota Rare Coin Galleries in Florida — total more than $25 million. Jeff Garrett has authored many of today’s most popular numismatic books, including Encyclopedia of U.S. Gold Coins 1795–1933: Circulating, Proof, Commemorative, and Pattern Issues; 100 Greatest U.S. Coins; and United States Coinage: A Study By Type. He is also the price editor for The Official Redbook: A Guide Book of United States Coins. Jeff was also one of the original coin graders for the Professional Coin Grading Service (PCGS). He is today considered one of the country’s best coin graders and was the winner of the 2005 PCGS World Series of Grading. Today, he serves as a consultant to Numismatic Guaranty Corporation (NGC), the world’s largest coin grading company. Jeff plays an important role at the Smithsonian Institution’s National Numismatic Department and serves as a consultant to the museum on funding, exhibits, conservation, and research. Thanks to the efforts of Jeff and many others, rare U.S. coins are once again on exhibit at the Smithsonian Institution’s Museum of American History. Jeff has been a member of the Professional Numismatic Guild (PNG) since 1982 and has recently served as president of the organization. He has also served as the ANA President and as a member of the ANA Board of Governors.

Related Articles


  1. I agree with nearly all of this. The only point of disagreement is over the issue of “retoned” coins. There are most definitely cases where coins that people know have been retoned have been certified as just fine. The real issue is whether the toning looks good to people who know what good toning looks like. There is nobody who can always tell the difference between a naturally and retoned coin. It’s all about esthetics. There is nothing absolute about this subject.

  2. Very good article. One can only imagine how many of our valuable old coins would look today if conservation would have been available long ago. It truly is a great service. I like that the professionals evaluate the coins and only conserve those that will benefit based on their opinion. Basically they are saving collectors from themselves. It seems the whole cleaned vs conserved, toned vs doctored, and toned vs corroded thing is very confusing to most. Unfortunately, professional conservation is out of reach for most coins in the average collection. You either learn to do it yourself (risky) or do nothing (risky). Cheers!

  3. Has this shut down? The is no longer available and the phone number given has been disconnected as of 9/30/2019. What’s up CoinWeek, this is a recent article? I agree with Don’s comments above. Especially “Unfortunately, professional conservation is out of reach for most coins in the average collection.”. Does it have to be? If there are simple solutions to simple ‘problems’ then make the information about the procedure required available and let the individual collector decide on their own *Non Highly Collectable* (re:expensive) coins themselves. If there is a chemical that will protect coins from future problems and not damage or alter the coin, then this seems like a no-brainer! Just my ‘two cents worth’, for whatever that’s worth! Happy Collecting!


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Park Avenue Numismatics Gold and Silver Bullion

L and C COIN Specials

Blanchard and Company Gold and Precious Metals