Value of Toned Morgan Dollars
gemtone65
Posts: 901 ✭✭✭
A recent thread asked about the pricing of toned dollars. Many good responses were received. This thread attempts to supplement those observations with some practical advice about what to look for and which characteristics of eye appeal are most important.
I would separate toned dollars into 3 categories. The first represents those whose eye appeal is less than an original white coin of the same grade. Such coins are readily found on E-bay nad in teletrade Rainbow auctions. These coins typically are dull, have splotchy dark toning, and contain colors such a gray, brown, charcoal, russet or gold. You should avoid such coins so you needn't worry about their price.
Second, we have toned dolalrs that range from somewhat more eye appeal than origianl white coins up to near "monsters." Based on today's market, for an MS65 graded common date piece, their price or value should range form 2 to 10 times bid (or whatever the standard is for acquisition cost). Coins graded below MS65 will slightly higher range relative to a white piece of the same grade. the opposite holds for pieces graded higher than MS65.
The actual pricing of these coins varies roughly linearly with eye appeal. A coin in the middle range of eye appeal for this category will bring 4-6 times bid. The eye appeal of a coin at the upper end of the range should turn heads of any who view it. Such a coin will fall just short of monster status. Almost all nicely toned coins you will ever see, or at least have a chance to buy, will fall into this category. Ninety nine percent of the Mauer toned coins (Heritage's ANA Signature and Bullet sales) fell into this category. In today's market, the best of such coins can be found, with some effort, for around $1000.
The third category is your monster coins. Pricing of these coins is complex because the price is not a linear function of eye appeal. It is an exponential function -- some increases in eye appeal lead to proprtionally larger increases in price. Prices can range from 10 to 200 times bid. Such coins are very scarce and very hard to locate. Usually they appear at auction only when a large toned dollar collection is sold, and that by itself happens rarely.
A monster coin will have many of these attributes, listed roughly in order of importance:
- Vibrant, polychromatic colors over lusterous surfaces, preferably semi-prooflike
- The right combination of rainbow colors: greens, reds, yellow, blue, maroon, purple, orange
- The colors are on the obverse, and preferably reside near the focal point of the coin, i.e., the left field, and cover a large percentage of the coin's surface
- The toning is smooth, not splotchy, and change and end in a continuous rahter than haphazard gometric pattern
- The colors derive from an original mint bag, although occasionally you can find a sensational end roll or album toned coin. Those are truly rare.
- The coin has an interesting pedigree, and so stated on the holder. The Binion toned dolalrs are an example. I know they were generally overgraded, but they are popular nonetheless.
- Surface marks for the grade are do not disturb the toning, i.e., either the coin toned after being hit, or the hit occurred on a non-toned part of the coin.
I suppose I'm leaving some important elements out, but these are the ones that come most readily to mind. The more of these characteristics a toned dollar has, the more valuable it is. For a coin to qualify as a monster, it seems to me, it should have most of these characteristics. When they do, you will hav e to pay at least $1000 to acquire such a coin. How scarce are such coins at the low end of monster status? I've probably seen 20 this year that would qualify, including shows and major company internet auctions, and purchased about 5 of them.
How about the next level up in the monster class? Here we're talking about a top 20 coin in all but the very best toned dollar collections. I'd say I've seen less than 10 such coins this year, and acquired
acquired 3 of them. They sell for about $2000 apiece.
Once we venture just a little beyond, say for shorthand, the $2000 quality coin, the pric level skyrockets and the coins become almost impossible to locate for sale. More likely you'll see a dealer proudly show off such a coin, but it won't be for sale. Other times you might get "lucky", however, the leap in quality associated with the $5000 coin reminds me of the premium paid for the tiny increase in technical quality going form MS67 to MS68. A few coins toned coins may be worth it; most aren't. At that price elevel, it may be better to save the scan than buy the coin.
Hope this helps some.
I would separate toned dollars into 3 categories. The first represents those whose eye appeal is less than an original white coin of the same grade. Such coins are readily found on E-bay nad in teletrade Rainbow auctions. These coins typically are dull, have splotchy dark toning, and contain colors such a gray, brown, charcoal, russet or gold. You should avoid such coins so you needn't worry about their price.
Second, we have toned dolalrs that range from somewhat more eye appeal than origianl white coins up to near "monsters." Based on today's market, for an MS65 graded common date piece, their price or value should range form 2 to 10 times bid (or whatever the standard is for acquisition cost). Coins graded below MS65 will slightly higher range relative to a white piece of the same grade. the opposite holds for pieces graded higher than MS65.
The actual pricing of these coins varies roughly linearly with eye appeal. A coin in the middle range of eye appeal for this category will bring 4-6 times bid. The eye appeal of a coin at the upper end of the range should turn heads of any who view it. Such a coin will fall just short of monster status. Almost all nicely toned coins you will ever see, or at least have a chance to buy, will fall into this category. Ninety nine percent of the Mauer toned coins (Heritage's ANA Signature and Bullet sales) fell into this category. In today's market, the best of such coins can be found, with some effort, for around $1000.
The third category is your monster coins. Pricing of these coins is complex because the price is not a linear function of eye appeal. It is an exponential function -- some increases in eye appeal lead to proprtionally larger increases in price. Prices can range from 10 to 200 times bid. Such coins are very scarce and very hard to locate. Usually they appear at auction only when a large toned dollar collection is sold, and that by itself happens rarely.
A monster coin will have many of these attributes, listed roughly in order of importance:
- Vibrant, polychromatic colors over lusterous surfaces, preferably semi-prooflike
- The right combination of rainbow colors: greens, reds, yellow, blue, maroon, purple, orange
- The colors are on the obverse, and preferably reside near the focal point of the coin, i.e., the left field, and cover a large percentage of the coin's surface
- The toning is smooth, not splotchy, and change and end in a continuous rahter than haphazard gometric pattern
- The colors derive from an original mint bag, although occasionally you can find a sensational end roll or album toned coin. Those are truly rare.
- The coin has an interesting pedigree, and so stated on the holder. The Binion toned dolalrs are an example. I know they were generally overgraded, but they are popular nonetheless.
- Surface marks for the grade are do not disturb the toning, i.e., either the coin toned after being hit, or the hit occurred on a non-toned part of the coin.
I suppose I'm leaving some important elements out, but these are the ones that come most readily to mind. The more of these characteristics a toned dollar has, the more valuable it is. For a coin to qualify as a monster, it seems to me, it should have most of these characteristics. When they do, you will hav e to pay at least $1000 to acquire such a coin. How scarce are such coins at the low end of monster status? I've probably seen 20 this year that would qualify, including shows and major company internet auctions, and purchased about 5 of them.
How about the next level up in the monster class? Here we're talking about a top 20 coin in all but the very best toned dollar collections. I'd say I've seen less than 10 such coins this year, and acquired
acquired 3 of them. They sell for about $2000 apiece.
Once we venture just a little beyond, say for shorthand, the $2000 quality coin, the pric level skyrockets and the coins become almost impossible to locate for sale. More likely you'll see a dealer proudly show off such a coin, but it won't be for sale. Other times you might get "lucky", however, the leap in quality associated with the $5000 coin reminds me of the premium paid for the tiny increase in technical quality going form MS67 to MS68. A few coins toned coins may be worth it; most aren't. At that price elevel, it may be better to save the scan than buy the coin.
Hope this helps some.
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Comments
CG
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
GSAGUY
I feel many people feel it's redundant to pay the premiums, but as you stated... A true rainbow Monster is very rare and if you want to own it you're going to have to step up for it.
As has been mentioned, Excellent post.
Rainbow Stars
I feel the same way about PL and DMPL Morgans, in that I prefer if both sides have similar field reflective characteristics and device frost. I've seen some incredibly beautiful one-sided cameo DMPL's with a typical frosty reverse.
The one-siders make interesting conversation pieces, but (rightly or wrongly) I consider them more of an interesting oddity, rather than a coin that I would really prize in my collection.
I guess that I prefer a certain amount of symmetry and consistency in the coins that I select.
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"