Toned Coin Collectors Society Articles

A grading system for toned coins

-Ron Sirna-

The following is a discussion of a grading system that could be used for toned coins. It represents mostly my own thoughts and ideas, but it has been sharpened by discussions with others, particularly dealers who routinely buy and sell toned coins. It is not meant to be definitive, but is intended to provoke discussion. The TN is intended to stand for the descriptive word "toned", and the letter grade is intended to define the quality of the toning. I have selected a "letter grade" grade it is my opinion that as we already use a 70 point numerical scale for the quality or grade of coins, adding a second numerical scale would become very confusing. An alternative could be a "Star" system, but as NGC currently uses a star designation for coins which they feel have exceptional eye-appeal for the grade, again using stars (though tempting) would only further confuse grading, at least with respect to NGC graded coins. Also, using an alphabetical system merely extends the short hand designation that those of us who collect coins already use: We all know what we mean when we say it’s an "A" box coin.

Note: While price is not the determinative factor with regard to grading toned coins, utilizing this system could be used not as an exact method of setting value, but as a means of approximating a specific toned coin into a relative value in comparison to a known valuation guide. For example, we could safely say that a toned coin in the A+ category would command a substantial premium over standard Coin Dealer Newsletter for the assigned grade - often many multiples of Greysheet. (Coin Dealer Newsletter or CDN is what we commonly refer to as "Greysheet" prices.) My references after the descriptive text is not hard and fast, but is intended to give the pricing parameters with regard to the current toned coin market. Pricing is always subject to change depending upon supply and demand. I know for a fact that the pricing of toned coins has increased in the past several years, and 20 years ago (maybe less) toned coins could be bought for very small premiums of regular market prices. There may have even been a time when they could be bought for less than market prices as they seemed to have been in disfavor after the advent of the slabbing by the major third party grading companies because there was a perception that "toning" was often added to a coin to hide some "defect" and hence an untoned coin was more valuable because there were no "hidden" defects. Strange, but true. (I believe that this mindset has caused many beautiful coins to be "dipped" as untoned coins were the vogue and the perception was that a higher numerical grade could be obtained if the coin was dipped. It is also unfortunately true that many "upgraders" believe this to be true and thus beautiful coins get dipped in an effort to maximize the numerical grade.)

One other comment. Although mentioned, the RARITY of color (for example a Green toned Morgan) is NOT a determinative factor as to the QUALITY of the toning, but it is a consideration. A coin toned with rare colors could be a lesser quality but still command a significant premium due to the rarity of it’s color. This is similar to that fact that a numeric grade is independent of the date rarity of a coin.

With these comments as a preface, I offer the following as a proposal for "grading" toned coins. Your views, comments and even criticisms are encouraged. I think that the TCCS should be at the forefront of this discussion. After all, when it comes to toned coins, who knows more than this group?

TN A+ Exceptional toning and fabulous Eye-Appeal - a breath-taking coin of great beauty. The toning is vibrant and generally multi-colored, although in rare cases, a monochrome coin with a rarer color and exceptional color saturation would qualify. The toning will be uniform over virtually the entire surface (90 to 100%) of one side of the coin. Coins in this category have rich colors with only minimal breaks in the color pattern as it lays on the coin. The luster will be exceptional and often proof-like so that the coin has a watery look. If the coin has textile toning, it will add to the eye-appeal of the coin, as will the color patterns. Often referred to as Monsters, Godzilla’s and Wowsers. These are the type of toned coins that are of such exceptional eye-appeal that when you see them, the general reaction is "WOW", often repeated several times. Excessively rare.

Coins in this category also command substantial premiums over Grey-sheet prices - often multiples of Greysheet.

TN A Outstanding toning and great Eye-Appeal - The toning is vibrant, generally multi-colored, although in rare cases, a monochrome coin with a rarer color would qualify. The toning will be uniform over at least 80 to 90% of the surface of one side of the coin. Coins in this category have rich colors with only minimal breaks in the color pattern as it lays on the coin. The luster will be exceptional and may be proof-like. As with A+ toned coins, they are often referred to as Monsters, Godzilla’s and Wowsers. These are the type of toned coins that you seldom see and when you do see them, the general reaction is "WOW". Rare.

Coins in this category also command substantial premiums over Greysheet prices - often multiples of Greysheet.

Cont.

TN A- Superior toning and Eye-Appeal - The toning is vibrant, generally multi-colored, although in some cases, a monochrome coin with a rich uniform color would qualify. A darkly toned coin with exceptional color and vibrancy could qualify in this category, but the underlying luster would have to give the coin the requisite "pop" or life to qualify as an A- coin. (In rare cases a darkly toned coin might even qualify as an A quality toner, but it would have to have other exceptional characteristics). The toning will be uniform over at least 70 to 80% of the surface of one side of the coin. Coins in this category generally have rich colors with only minor breaks in the color pattern as it lays on the coin. An exceptionally lustrous Pastel toned coin could qualify as an A- toned coin, but would be the exception, not the norm. Some mottling in the toning pattern may be evident, but it should be only a minor distraction. The luster will be above average but will often lack the smooth watery look of A+ and A quality coins. A- toned coins are sometimes referred to as Monsters, perhaps inappropriately as when compared to the A+ and A quality toned coins, the difference will be apparent. These toned coins are scarce.

Coins in this category command significant premiums over Grey-sheet prices - sometimes multiples of Greysheet, but to a lesser degree than A+ and A quality toned coins.

TN B+ Excellent toning and Eye-Appeal - The toning is generally multi-colored, but less vibrant than A quality toned coins. In more cases, a monochrome coin with a rich color would qualify as a B+ toned coin. The toning will be uniform over at least 50 to 70% of the surface of one side of the coin. Coins in this category will range from nice rich pastels, to deeply toned coins with some minor breaks in the color pattern as it lays on the coin. Mottling or other distractions in the toning pattern will generally be evident, but it should not be significant. The luster should generally be above average but will often lack the smooth watery look of A quality coins. B+ coins would not generally qualify as Monster toned coins and when compared to A quality toned coins, the difference will be quite apparent. These toned coins are scarce but available.

Coins in this category command premiums over Greysheet prices - occasionally multiples of Greysheet, but to a much lesser degree than A quality toned coins.

TN B Nice toning and Eye-Appeal, but not exceptional. The toning can be multi-colored, but less vibrant than A quality toned coins. In more cases, a monochrome coin with a medium color could qualify as a B+ toned coin. The toning will be uniform over at least 30 to 50% of the surface of one side of the coin. Coins in this category will range from nice pastels, to deeply toned coins with minor breaks in the color pattern as it lays on the coin. Mottling or other distractions in the toning pattern will generally be evident, but should not too significant, so as to ruin the over-all eye-appeal. The luster will generally be average to above average, but will sometimes be dull, by way of example, this is particularly true on "O" mint Morgan's. These toned coins are readily available and the toning should make the coin more eye-appealing.

Coins in this category command premiums over Greysheet prices - but seldom multiples of Greysheet.

TN B- Pleasant but not outstanding toning. The least desirable category of collectable toned coins. Entry level, but sometimes with nice eye-appeal commensurate with the numerical grade.

Small premiums (5-25%) over Greysheet prices, if you are lucky these coins can sometimes be purchased at (or even below) Greysheet prices.

TN C and below. A dip would probably improve the look of the coin - often these coins have negative eye-appeal - not a collectable category of toned coin, unless an exceptional or unusual pattern.

Ron Sirna is the founder of TCCS and has been collecting coins for the past 55 years.