While many new hobbyists are searching fruitlessly for the clickbait 1943 copper cent, the 1982-D Small Date 3.1 gram cent, and the 1992/1992-D Close AM, veteran collectors are scouring coin albums of estate auctions to find toned Peace dollars, which sell multiples times their values when holdered by a reputable company.
This is a somewhat new phenomenon.
In 2009, PCGS co-founder David Hall insisted that any Peace dollar with “rainbow colors (blue, red, green, etc.) is absolutely artificially toned. While not very scientific, my approach to toning on coins is to remember the colors I saw in the 1960s and 1970s and if a new look appears, it’s artificial to me.”
Until about 10 years ago, I, too, believed that statement. Most PCGS and NGC toned Peace dollars were gray, spottily streaked or tarnished. Slowly, however, raw uncirculated 1922 Peace dollar in particular started to tone in beautiful light or spotted colors.
This one, in 2018, sold for $8,812.50. Its retail value then was about $550.
Morgan dollars, of course, tone beautifully across the series (1878-1904/21). I investigated that years ago in an article for Coin World, noting that planchets of Peace dollars likely had fewer impurities than Morgan dollars.
It seems that those scant impurities are finally triggering patina, especially 1922 samples. Here are a few 1922s from my private bank-boxed collection.
Now it is possible to find any year of the series (1921-35) with some or even spectacular toning. The 1926-S also is a frequent toner:
The problem now are coin doctors of various skills heating, chemically treating and otherwise sulfurating Peace dollars. All you have to do is search “rainbow Peace dollars” on eBay, and this is what you might find:
Note that no Peace dollar, or silver coin, for that matter, looks that carnival splotchy color.
If you are looking to purchase an uncertified toned Peace dollar, pay particular attention to the colors and patterns on previously holdered ones by PCGS and NGC. Do a search. Certified examples should have the blue, gold, orange, blue and red colors of the ones featured above.
The coin dealer APMEX has good tips to discern fake toning:
- The toning has bright colors, as you would find in a box of crayons.
- Toning appears to “float” on the surface, rather than having greater depth.
- The toning appears yellow-brown or smoky. This indicates the use of cigar or cigarette smoke, common among artificially toned coins.
- The toning occurs over hairline marks.
The hunt for naturally toned coins, especially Peace Dollars, is more satisfying than the search for ultra rare errors. And those dollars show much better too to friends, club members and Facebook coin groups.
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