Apparently the toning craze hasn't ended yet.

oldcameoproofsguy

I was bidding on this 1924 Peace $ and this other 1924 Peace dollar.. I figured that 300% of list would be pretty strong money for both coins. Well I was wrong; they are both at 600% of list and there is still a number of days remaining in the auction.

The 1924 Peace dollar in the PCGS MS65 holder looks to be over graded. I think it looks more like a 64 than a 65, and there are really distacting water marks by Miss Liberty's temple. I thought I could live with the water marks if I didn't pay more than $300 for the coin.

This has gotten a little out of hand. I can understand spending a strong premium for a more difficult date Peace dollar with great eye appeal, but for a '24? I thought I was crazy for bidding $300 for the coin.

I'm just glad that in the series that I normally collect, a nicely toned coin won't bring in 600 to 1000% of list.

FrattLaw

Welcome to the toned Peace $ market. There's no rhyme or reason to the prices of these coins. The first one is obviously much nicer, but I picked up a 1924 NGC MS65* for the same price and its a much nicer coin that the PCGS MS65 linked.

The 2nd coin I suspect might be AT. There are numerous examples that have come out of NCG all from the same hoard. You can always tell one of these coins by the # -- all start with 314____. I suspect that the PCGS coin is also from that hoard since it has same toning pattern and many have been crossed already.

The story goes that several years ago these were first sold raw at the San Clara show and the seller indicated that the entire hoard -- several rolls of common date Peace $ -- were all stored in newspaper and kept in an attic and that's how they all developed the toning. Anytime I have to be told a "story" about how 40 or 50 coins all toned in the same manner I start to wonder. There was also story surrounding some toned SLQs being hidden under a house in Hawaii for years. I'm sure you get the picture.

None-the-less, there are nicer examples out there for less money. I'd pass on these. And PCGS usually bumps toned Peace $ a grade for nice color so I agree that the 1st one is probably a 64.

Michael

sumnom

How long has this toning thing been going on and when will it come to an end? It is pure madness as far as I am concerned.

stman

That first coin I'm sure is a beauty in person. here is my favorite and one of the nicest I've seen. From the "Hoard" Frattlaw is speaking about. AT, Newspaper toned? I don't think so.

FrattLaw

<< <i> From the "Hoard" Frattlaw is speaking about. AT, Newspaper toned? I don't think so. >>



Okay -- once again we go down this road. I'm not saying it IS AT. All that I'm saying is that the story that goes along with the "Hoard."

I have no idea if it's true or not, but I'd rather not own coins that come with a "story" that's all.

They might be NT. The "story" might be true.

I've seen thousands of toned Peace $. These particular coins all have similar colors and toning patterns, unlike any other toned Peace $ I've seen. They all came from the same source. They are all common dates.

Seems suspicious to me.

Michael

stman

Edited to try and be nice.

stman

BTW, the coin I posted is clearly album toned IMO and many other knowledgeable people. Not "Newspaper toned."

sumnom

Album toning, newspaper toning, what's the difference and why are people so concerned about it?

stman

Ain't nuttin but a thang.

stman

Frattlaw, I truly apologize if I was harsh. Not what I'm trying to do.

Sphinx357

<< <i>How long has this toning thing been going on and when will it come to an end? It is pure madness as far as I am concerned. >>


I really do wonder when it started. I remember it used to be bad for your coins to get tarnished and I'm only 20.

sumnom

When did toning become desirable?

BigD5

Judging by those top two examples, I sold a couple of nice ones WAY too cheap recently.

I feel the coins are in good hands though.

Toned Peace dollars are tough to come by, hence the strong demand when they hit the market. You can find buckets of toned Morgans for each toned Peace dollar.

Those "hoard" coins you two fella's are speaking of look like NT, and I try to look at it like this. Some guy probably walked into a show with a few rolls of Peace dollars that all toned up nicely. The story turned into something my son likes to tell after we come back from fishing..........it grows, and grows and grows......

Now, if the coins looked like that pile of colored Jefferson nickels that hit the market a while back, well, that's another story.

dorkkarl

of the 2 coins oldcameoproofsguy posted, the pcgs coin is by far the better. i'm not the expert that frattlaw is, but i think 300% of list is too cheap. sky's the limit on peace dollars w/ precious toning, in my experience.

K S

coinguy1

Oldcameoproofsguy,

The first coin you linked is currently at $525 hammer, partly because I bid $500 on it, just to stock it. I viewed it in Dallas earlier this week and thought it was really pretty. I did not expect to buy it with my $500 bid, either.

puff

>>>Apparently the toning craze hasn't ended yet.<<<

Not very likely that it will.

Myqqy

Anytime I have to be told a "story" about how 40 or 50 coins all toned in the same manner I start to wonder.

That's a good point!

Bochiman

Makes me almost want to crack my freshly made '21 peace $ (MS64) that was slightly starting to tone on Ms Liberty's head and back on the eagle.....
Maybe wrap it in newspaper for awhile then regrade and sell?

Tonelover

I tried to pass on the story of the SLQ's under the porch to Frattlaw and he didn't buy it for a second.

mrearlygold

Yeh but look at it. It's a little piece of art!

Rgrds
Tom

Trooper

Every since I bought this one and the others I have asked my dealer if he recieved any more albums(Peace) in and the answer is no......
I'll keep asking and maybe I'll hear the answer I want to hear.

Tom

FrattLaw

Trooper -- was it a Library of Coins Album or a Whitman Album those were in?

I'm thinking Library of Coins.

Michael

Trooper

Frat
I wish I remembered....Once I saw the coins I really didn't pay much attention to the album. I just picked out the one I wanted. I should have bought the whole book..

Tom

dragon

Unless that pic of the NGC 1924-P MS64 is very misleading, that looks like a 40.00 coin to me......dark, unattractive, marginal eye appeal. It sometimes amazes me what some people will pay for a toned Peace dollar.

barberlover

I hoped the toned market tanks so I can afford Puffs walker collection.

I was into toning when toning wasn't cool, isn't their a country song like that ?

Les

FrattLaw

<< <i>It sometimes amazes me what some people will pay for a toned Peace dollar. >>



Yeah, you and me both!!!!!

Michael

roadrunner

I concur with BigD5. Toned Morgans have been on-fire for the past 2 years and Peace Dollars as a rule have been in the DUMPER. Well, Peaces are just starting to warm up as the natural cycle of dealer manipulation moves to this untapped ("unpromoted") area. Toned Peace Dollars will follow or should I say....Lead the way.

A comparably toned Monster Peace should be multiples of the price of a Morgan. If you ask me, a wonder toned MS64 Morgan fetching $500-1500 is the essence of absurdity. No reason why a Peace Dollar that is 100x rarer shouldn't fetch comparable money.

roadrunner

mrearlygold

<< <i>I concur with BigD5. Toned Morgans have been on-fire for the past 2 years and Peace Dollars as a rule have been in the DUMPER. Well, Peaces are just starting to warm up as the natural cycle of dealer manipulation moves to this untapped ("unpromoted") area. Toned Peace Dollars will follow or should I say....Lead the way.

A comparably toned Monster Peace should be multiples of the price of a Morgan. If you ask me, a wonder toned MS64 Morgan fetching $500-1500 is the essence of absurdity. No reason why a Peace Dollar that is 100x rarer shouldn't fetch comparable money.

roadrunner >>



No question that toned Peace dollars are more rare than their Morgan counterparts. But the series in general has never been as popular and the prices generally reflect that.

Which leaves open a real opportunity for the collector so SHHHHHHH!

Rgrds
Tom

FrattLaw

<< <i>Which leaves open a real opportunity for the collector so SHHHHHHH! >>



Great, just when I'm trying to purchase the last two I need to complete my toned Peace $ Registry Set.

It's funny when I started collecting these, everyone and I mean every dealer I talked to said "don't try, it can't be done, you'll find 4 coins- all common dates and will give up"

Well 17 coins later, I'm still trying. And I'll do it. But as for rarity, a nicely toned Peace $ is 100 times rarer than a toned Morgan -- except for a 1921-S toned Morgan which I'm still hunting for.

Michael

dragon

<<< Well 17 coins later, I'm still trying. And I'll do it. But as for rarity, a nicely toned Peace $ is 100 times rarer than a toned Morgan -- >>>

Actually, a NICELY toned Peace dollar is more like thousands of times rarer than a nicely toned Morgan. There are however a good number of unattractive, crusty looking, and dark toned Peace dollars that fetch WAY too much money IMO due to the fact that some collectors feel that ANY toned Peace dollar should be worth a significant premium, regardless of how unattractive the color really is. The current mentality of "hey, it's a toned Peace dollar, so it's gotta be desirable" is a big mistake IMO.

As far as the very few and far between Peace dollars that have some vibrant original color on them, they are probably sleeper coins as the collector base for beautifully toned coins increases and prices remain very strong.

dragon

FrattLaw

<< <i>they are probably sleeper coins as the collector base for beautifully toned coins increases and prices remain very strong. >>



From your lips to God's ears!!!



Michael