Is there as much interest in colorful reverse toning on Morgans?
pcgs69
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Have had this since 1996 and always see a premium for the obverse or full coin toning, but how does toning just on the reverse work? Is there still a healthy demand for it? Pictures aren't the best, but give a decent representation of the reverse toning.
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Yeah, I have one too. The toning isn't as deep, but is really pretty in hand. I didn't have to pay a toning premium for it.
Collector of Liberty Seated Half Dimes, including die pairs and die states
I don’t really play in the toner field but from what I’ve seen offered, reverse toning has demand, but much less premium than obverse toning. I think yours would bring a premium but maybe not many multiples of retail like it may if the toning were on the other side.
I’m interested to hear what the experts and regular buyers/sellers have to say about it.
There is strong demand for reverse toners. It has always been the case that obverse toners bring a bigger premium but reverse toners still sell for multiples of guide, especially ones with high end color. I have seen explanations such as obverse toning being less common but I’m not sure that has been proven. I think it’s just something that has been standard for so long that no one has questioned the reasoning.
From what I know the reverse toners are less of a premium than the oberse. To what extent, probably could be answered better by someone like @U1chicago .
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Here is an example of a reverse toner that has a significant premium over guide. I’d estimate it in the $600-$900 range (and I paid something in that range when acquiring it). If the color was on the obverse, you could see that price range double or even triple. A monster toner with obverse toning can have an even bigger multiple over a reverse toner. Meanwhile, a middle of the road toner would have a much smaller spread between obverse and reverse toners.
The reverse toner in the first post I would expect to draw some spirited bidding. It is an older holder (that was an era before NGC started using stars, which was around 2001) with nice colors (not monster but solid).
The reverse toner in the second post is also nice but the colors aren’t as pronounced. I like the look but it doesn’t surprise me that it was picked up with no premium. I would expect most dealers to price it with a premium but it would be fairly minor (maybe 10%-20% over blast white).
As they say, the obverse is the money side. Beautiful obverse toning will bring more then reverse, but still a premium on reverse if nice. Not sure what if any multiple can be applied as most I bought carried little to no premium. However got this in a roll, sellers pics weren't that great, but looked like there might be a nice toner in the roll. I was ecstatic when I received the roll and saw this. The average grade in roll was 63, maybe a couple of 62's and several 64s.
My notes show it was purchased in December 1996 and hasn't been sent back for any sticker, star, plus, minus, neutral, or moose ratings.
If/when the time comes, would an auction be the best route to go on something like this, and hope two bidders must have it?
I’d guess your coin would be worth around $250-$400 depending on how vibrant the color is in hand. An auction is probably a good way to go although it doesn’t seem like the kind of coin that will spark a frenzy. It’s a 63 and the color scheme is pretty common. If it were on the obverse it’d be worth double or a little more.
Some reverse toners can go for big money. This is the best one I have and one of the best I’ve ever seen:
I would think it deserves a star but there is no guarantee (even though they mostly get it right, I have seen NGC make some curious decisions in both directions when it comes to stars). Keeping it in the older holder could benefit you since some people will think it is more conservatively graded and has potential. On the other hand, a star plus having it face reverse forward in a new holder could be a benefit too. I would personally leave it as-is but others might disagree.
As far as selling, it depends on a few factors: risk tolerance, time, and effort. If you are ok with some risk (could go low if no one is watching vs could go high if two people really like it), want minimal effort (ship it to an auction house and let them sell it), and can wait for the auction process plus payout timing, then I would send it to GC. If you want to control the price, are willing to put in more effort, and have the time to wait out a sale, then I would list it on the BST plus eBay at a price you would be happy with (could even bump it up some more and allow offers).
My guess for the price would be $200-$400 (pretty much the same as @david3142 ) ....price it as a buy-it-now at $200 and it should sell fairly quickly; go closer to $400 and it could take some time; send it to an auction and anything could happen (although I would speculate that your floor would still be around $200 with plenty of upward potential).
David,
Your coin is a beauty. So started thinking what others consider the 'perfect toners' worth the big premiums, at least for non-modern coinage. Any other considerations or changes:
1. Vibrant colors covering entire obverse, no missing spots. Reverse toning slight discount
2. 4 or 5 different colors with the correct color progression (know someone published this before, believe Sunnywood?)
3. Underlying luster still visible, not muted
4. No black/terminal toning
5. No fingerprints or other detraction's like mottled toning
6. Coin at least MS63
6. Bag toning a plus
7. Better dates a plus
Anything else?
Certain patterns are highly desirable - textile dots, for example. Two-sided color is pretty rare on Morgans and that can get a premium - you probably see that most commonly with album toners. PL or DMPL toners can bring huge money too.
Well it's only statistical dumb luck that toning will be on one side or the other. Some is actually better on one side than the other.
I call this my Phoenix Rising From The Ashes toner.
Not really I had a guy all set to buy a Morgan - super PQ brilliant obv with with super luster but when he turned it over and saw the toning passed.
Frankly never been a fan of tarnished coins (gets worse with time too).
This is my nicest reverse toner. Not sure if the toning would bring a premium but it's a solid coin. It now resides in a PCGS holder. I think this is coin that would be better served holdered revers out.
Yes this coin would bring a premium. Even though it is a smaller crescent, the (what I interpret as) vibrant colors are enough to have it sell above a generic example.