The Colors of Autumn; A Toning Enthusiasts Friend
It seems to be an appropriate time of year to write about the colors of fall. The leaves here in New England have turned from a thick blanket of summer green through a burst of vibrant orange, yellow, red and the occasional purple and have settled into that orange to brown spectrum that goes hand-in-hand with the smell of decay in the crisp air. Every year at this time I am reminded about the similarities in color between so many naturally toned coins and nature itself. This idea is so ingrained in my thinking that I routinely started to refer to naturally toned coins as “the colors of autumn” approximately a quarter-century ago and haven’t stopped since. One key to this color palette, in my opinion, is the dominant presence of brown, brown and brown. Many attractively (and not so attractively) toned coins just can’t get enough of brown speckles, patches or underlying hues.
Obviously, naturally toned (NT) coins can occur with myriad colors and patterns. Additionally, artificially toned (AT) coins occupy an enormous visual continuum and can have extremely similar (or even identical, in some cases) colors. A third category of toning, natural secondary toning (ST), complicates matters even more and will be discussed later.
At left, Queen Jadwiga on the obverse of the 1932 Poland 10 Zl (London Mint) with a peripheral ring of burnt brown and significant brown and golden hues over hints of green toning.
This brings up a thorny issue; what is the definition of NT and what is the definition of AT? In the broader sense I consider a distinct and critical difference between AT and NT to be intent. The intent of the owner during storage or ambient environmental exposure goes a long way toward establishing not only the present appearance of each coin, but also the definition of AT vs. NT. Additionally, the colors, patterns and thickness of skin (aka patina) will be determined largely by storage and ambient environmental conditions during the history of the coin in question. One could gather any number of educated, experienced numismatists to discuss the difference between AT and NT and whether or not the two are inextricably entwined and one would likely end up with a debate or argument similar to how many fairies can sit on the top of a pin. In short, the process by which each person approaches toning will be informed greatly by their personal experience, preference, bias and inclination or ability to think analytically. Therefore, although I am confident I have a working knowledge of the AT vs. NT problem, I do not necessarily have the desire to convince others I am right and, as such, I am happy to allow folks to go about their analyses in their own way. This leads to my AT vs. NT line in the sand being somewhat different on some coins or some pools of coins than the lines that PCGS or CAC, which have their own motivations, might employ.
At left, Queen Jadwiga on the obverse of the 1932 Poland 10 Zl (London Mint) with a peripheral ring of burnt brown and significant brown and golden hues over hints of green toning.
This brings up a thorny issue; what is the definition of NT and what is the definition of AT? In the broader sense I consider a distinct and critical difference between AT and NT to be intent. The intent of the owner during storage or ambient environmental exposure goes a long way toward establishing not only the present appearance of each coin, but also the definition of AT vs. NT. Additionally, the colors, patterns and thickness of skin (aka patina) will be determined largely by storage and ambient environmental conditions during the history of the coin in question. One could gather any number of educated, experienced numismatists to discuss the difference between AT and NT and whether or not the two are inextricably entwined and one would likely end up with a debate or argument similar to how many fairies can sit on the top of a pin. In short, the process by which each person approaches toning will be informed greatly by their personal experience, preference, bias and inclination or ability to think analytically. Therefore, although I am confident I have a working knowledge of the AT vs. NT problem, I do not necessarily have the desire to convince others I am right and, as such, I am happy to allow folks to go about their analyses in their own way. This leads to my AT vs. NT line in the sand being somewhat different on some coins or some pools of coins than the lines that PCGS or CAC, which have their own motivations, might employ.
Another vexing issue is the up-and-down nature of the third party grading companies (TPGs) themselves with respect to toning. While the numismatists employed by the TPGs are generally quite excellent, they are dealing with an enormous number of coins in a high-throughput environment while simultaneously having to identify and pick out the work of innumerable coin doctors ranging from the amateur hack through to the most experienced and subtle laboratory technician or studio artisan. It reminds me of a game of cat-and-mouse where the TPGs learn to identify and recognize one style of AT only for another style to pop up sometime later. The downside to this process is that the first of the AT pieces typically stand a better chance of becoming certified by a TPG and, in the eyes of many, the look then becomes legitimate because some examples are in a TPG holder. Over the years there have been several runs of blatant AT coins that have been graded and encapsulated by the TPGs and while I personally avoid these coins, I have witnessed others pay mind numbing prices. In a somewhat ironic twist, it appears that each of these runs of AT coins was unwound by the possible greed of those submitting the pieces as what might begin as a small leak became a full fledged flood of bad coins that were then recognized.
Above, a pair of Washington quarter reverses pulled directly from double US Mint Sets that mimic orange and yellow pumpkins.
The third leg of this three-legged appearance stool is ST. In general, I view ST coins as those that have had their surfaces intentionally manipulated in the past (essentially, have undergone some level of AT or “anti-AT”) and then have been allowed to change, morph or react on their own for a length of time. The TPGs appear to have accepted the inevitability of ST coins in the market and are quite willing to certify great numbers of them with certain aesthetics. Similarly, many collectors and dealers pay handsomely for coins that in no way have original surfaces, but that the broader collector base finds attractive. In my opinion, the prototypical example of market accepted ST is the prevalence of EF-AU Capped Bust half dollar era silver coinage that has largely untoned, silvery centers ringed with vibrant bands of various shades blue and gold. These coins were almost certainly dipped long ago and sold as “uncirculated” and later acquired a secondary layer of toning while in storage. The broader market often loves these coins and rewards them with great liquidity and, many times, a hefty premium in value. These are coins that I attempt to avoid while also realizing that I am in the minority.
This is where many years of experience becomes quite valuable. I have been around and examined coins long enough so that I recall the days when the majority of coins were not in TPG holders, the days prior to CAC and the days where expensive or important coins could be bid upon in major auctions raw and not certified. I have peeled back the paper to thousands of US double mint sets; gone through hundreds of Classic Whitman, Library of Coins or Dansco albums filled with MS examples of copper, silver or clad; and cracked open who knows how many velvet, cardboard, satin or plastic-lined presentation and display boxes. This has taught me what to look for in many niche areas and has allowed me to be suspicious when certain patterns or colors appear.
This is where many years of experience becomes quite valuable. I have been around and examined coins long enough so that I recall the days when the majority of coins were not in TPG holders, the days prior to CAC and the days where expensive or important coins could be bid upon in major auctions raw and not certified. I have peeled back the paper to thousands of US double mint sets; gone through hundreds of Classic Whitman, Library of Coins or Dansco albums filled with MS examples of copper, silver or clad; and cracked open who knows how many velvet, cardboard, satin or plastic-lined presentation and display boxes. This has taught me what to look for in many niche areas and has allowed me to be suspicious when certain patterns or colors appear.
Upper row, a selection of gourds flanked by South African three pence and two shilling coins. Bottom row, autumn blooming morning glory on either side of a Washington quarter reverse from a coin pulled directly from a double US Mint Set.
My personal paradigm when examining the toning on a coin is twofold. First, I attempt to interrogate the surfaces of the coin to determine if the present appearance is consistent with what I would expect for the specific storage history of any particular piece. In other words, I let the coin’s surfaces tell me about its history. Secondly, I just remember the colors of autumn. The best part of this approach is to remember that one is not compelled to buy a coin simply because a TPG or CAC has successfully processed it through their respective systems and if the appearance of a coin does not make sense then perhaps it should not be purchased.
Above, paired obverse and reverse from a single Washington quarter illustrating characteristic colors obtained from some double US Mint Set coins that are consistent with autumn foliage.
Please note that the fall images were all taken by me in the last few weeks and that all the coins, with the exception of the Queen Jadwiga, were purchased raw and submitted by me in the 1990s before the toning premium skyrocketed. This allowed me to open original government sets and pick out the most choice coins while paying very little premium, if any, for the individual pieces. The stability of their colors has remained over the last two decades plus of storage. Below are two more Washington quarter obverses that evoke thoughts of an autumn leaf pile or leaves falling onto a lawn. The 1949-D has a reverse covered in brown speckles while the 1957-D has a muted slate grey reverse indicative of its double US Mint Set origin.
Lastly, keep in mind that these are by no means the only colors or patterns that can be obtained from NT coins. Rather, it might be more appropriate to think of the colors as something one might look for while the patterns would likely be different. Having an idea of what a coin might or should look like following years in a specific storage environment should help the numismatist avoid questionable or outright bad pieces. While hardly definitive, keeping these colors in mind may help steer folks into safer numismatic waters.
Lastly, keep in mind that these are by no means the only colors or patterns that can be obtained from NT coins. Rather, it might be more appropriate to think of the colors as something one might look for while the patterns would likely be different. Having an idea of what a coin might or should look like following years in a specific storage environment should help the numismatist avoid questionable or outright bad pieces. While hardly definitive, keeping these colors in mind may help steer folks into safer numismatic waters.
Below, the obverse of two Washington quarters taken from double US Mint Sets showing toning similar to a leaf pile or a browning autumn lawn.