Corrugated Cardboard Toning (Waffle Toning) ...monster results at auction

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U1chicago
U1chicago Posts: 6,995 ✭✭✭✭✭
in U.S. Coin Forum

Some may remember a thread several years ago about toned silver Eagles with a "waffle" pattern. They were referred to as "Corrugated Cardboard Toning" since the idea was that the toning came from the coin being left in a corrugated mailer used for shipping coins. Whether or not this was a legitimate explanation, was subject to great debate. So was the status of the toning-quite a few would say this is AT. For now it appears that PCGS is ok with calling it market acceptable given the straight grades.

Two such coins were up for auction at Great Collections this past Sunday (4/6/2025) and the results were certainly eye popping. Both coins are dated 1990. The MS 66 ended up hammering at $2,309.62 (with the fee) and the MS 68 went for $3,712.50!

https://www.greatcollections.com/Coin/1754782/1990-1-Silver-Eagle-PCGS-MS-66-Toned
https://www.greatcollections.com/Coin/1754761/1990-1-Silver-Eagle-PCGS-MS-68-Toned





Comments

  • mr1931S
    mr1931S Posts: 7,313 ✭✭✭✭✭
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    GreatBullion

    "Two things are infinite: human stupidity and the universe; and I'm not sure about the universe."
    -Albert Einstein-

    Mistakes are natural. But repeated mistakes without reflection are something else. That may be the “stupidity” he was referring to. In research, he admitted uncertainty openly. “If we knew what it was we were doing, it would not be called research, would it?” This shows humility. Even a Nobel laureate accepted doubt. That humility makes the quote less cynical and more observational.

  • Coinscratch
    Coinscratch Posts: 11,086 ✭✭✭✭✭
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    Very cool.

  • CircCam
    CircCam Posts: 338 ✭✭✭✭✭
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    1. However they toned, those are really cool. 🇺🇸

    2. I wouldn’t pay that much for them personally, but I’m also not surprised there were at least a couple folks who were willing to because of #1.

  • johnny9434
    johnny9434 Posts: 34,096 ✭✭✭✭✭
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    Nice, it's neat

  • Higashiyama
    Higashiyama Posts: 2,324 ✭✭✭✭✭
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    If the photos are accurate, I don’t find them attractive.

    Higashiyama
  • FlyingAl
    FlyingAl Posts: 4,472 ✭✭✭✭✭
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    Yeah, AT.

    Intentional, repeatable, accelerated.

    Coin Photography

  • ajaan
    ajaan Posts: 18,005 ✭✭✭✭✭
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    I would call it IT, intentionally toned. No doubt someone put a raw ASE in a corrugated mailer to tone it.


    DPOTD-3
    'Emancipate yourselves from mental slavery'

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    Don
  • FranklinHalfAddict
    FranklinHalfAddict Posts: 697 ✭✭✭✭✭
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    Congratulations to the sellers and buyers for different reasons.

    I think the pattern is somewhat cool but personally hate those colors. I realize every series and even date/mm tone differently, but that color combo always screams AT to me.

  • Coinscratch
    Coinscratch Posts: 11,086 ✭✭✭✭✭
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    @FlyingAl said:
    Yeah, AT.

    Intentional, repeatable, accelerated.

    But there is customer demand sometimes our personal beliefs get in the way of making money. If it’s so repeatable, I’ll take three.

  • skier07
    skier07 Posts: 4,834 ✭✭✭✭✭
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    The seller is obviously very happy and I hope the buyers will be happy down the road.

  • MsMorrisine
    MsMorrisine Posts: 40,084 ✭✭✭✭✭
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    @Coinscratch said:

    If it’s so repeatable, I’ll take three.

    you could probably repeat it if you simply take one paper off the waffling of a usps flate rate box (be nice and don't use a new one), then use a light heat source to accelerate. try a hot water heater.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • airplanenut
    airplanenut Posts: 22,766 ✭✭✭✭✭
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    If I were a multibillionaire I think I’d still rather have the money than those two coins.

    JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research
  • Eric_Babula
    Eric_Babula Posts: 448 ✭✭✭✭
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    Need to move the decimal point over two spots to the left. I'd pay $23.10 and $37.13 for those, just to say I have examples of this type of AT.

    Rocking my "shiny-object-syndrome"!!!

  • Coinscratch
    Coinscratch Posts: 11,086 ✭✭✭✭✭
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    @MsMorrisine said:

    @Coinscratch said:

    If it’s so repeatable, I’ll take three.

    you could probably repeat it if you simply take one paper off the waffling of a usps flate rate box (be nice and don't use a new one), then use a light heat source to accelerate. try a hot water heater.

    I’ve never even seen the packaging for these (though I will be looking now) but I have seen the corrugated packaging in the 57 or 58 proof sets.

  • fluffy155
    fluffy155 Posts: 299 ✭✭✭✭✭
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    If I were a multibillionaire I'd buy them just to give them a good dip.

  • Walkerfan
    Walkerfan Posts: 10,392 ✭✭✭✭✭
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    Great eye appeal and wildly unique!

    But, I would never pay that much for toned bullion.

    Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍

    My Full Walker Registry Set (1916-1947):

    https://www.ngccoin.com/registry/competitive-sets/16292/

  • david3142
    david3142 Posts: 3,693 ✭✭✭✭✭
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    @Walkerfan said:
    Great eye appeal and wildly unique!

    But, I would never pay that much for toned bullion.

    They aren’t unique at all within silver eagles. These are quite common.

    I am shocked by these results. I collect toned coins of all types and I have several rainbow ASEs but I have always considered the waffle toning too intentional to be worth a huge premium and I don’t find these examples all that attractive. They’re fine but I would have guessed $400-$600.

  • skamieniecki
    skamieniecki Posts: 121 ✭✭✭
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    From someone that does not particularly like toning on coins, these sure appear to be intentionally done. I have my share of coins that have light toning, even some with a pretty color around the rim, see coin below, but nothing as uniformly enhanced in spacing and color variation as these. It's hard to believe it was graded at all and not returned as questionable color. At those realized prices I can't wait to see what other corrugated waffle toned marvels will show up.

  • Colonialcoin
    Colonialcoin Posts: 923 ✭✭✭✭✭
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    Congrats to the seller and the underbidder.

  • fathom
    fathom Posts: 2,202 ✭✭✭✭✭
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    That toned ASE market is out there somewhere.

    I cannot relate, and I like toned silver.

  • Smudge
    Smudge Posts: 10,001 ✭✭✭✭✭
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    I can’t say anything nice about these so I will just say nothing.

  • U1chicago
    U1chicago Posts: 6,995 ✭✭✭✭✭
    edited April 9, 2025 5:43PM
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    @fathom said:
    That toned ASE market is out there somewhere.

    I cannot relate, and I like toned silver.

    As someone that has dabbled in the toned ASE sphere, it does not always make sense to me either.

    This PCGS MS 68 I believe has better color (although not as interesting of a pattern) and yet in sits at less than a quarter of the sales price of the cheaper of the two corrugated toners.

  • U1chicago
    U1chicago Posts: 6,995 ✭✭✭✭✭
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    @david3142 said:

    @Walkerfan said:
    Great eye appeal and wildly unique!

    But, I would never pay that much for toned bullion.

    They aren’t unique at all within silver eagles. These are quite common.

    I am shocked by these results. I collect toned coins of all types and I have several rainbow ASEs but I have always considered the waffle toning too intentional to be worth a huge premium and I don’t find these examples all that attractive. They’re fine but I would have guessed $400-$600.

    I would not call the corrugated pattern common; there have been several handfuls graded but it is not to the point where they are everywhere. Still I too was surprised by the results. I was expecting something closer to $1k.

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