Set Description
In 2009, PCGS founder David Hall stirred controversy among toned coin collectors when declared that all rainbow toned Peace Dollars in existence were artificially toned. Hall’s categorical statements were not based on scientific investigation. Instead, Hall relied solely on his observations from bourse encounters as a young collector in the 1960s and 1970s. Since then, many collectors have come to question why Peace Dollars, which are identical in composition to the predecessor Morgan Dollar series, tone so differently given that the latter are known for exquisite displays of bright toning that are highly sought after by collectors. This set seeks to explore Peace Dollar toning patterns and sources examining existing literature and by obtaining diverse examples for study.
In exploring the sources and patterns of Peace Dollar toning, attention must be given to the differences in the manufacturing process that occurred in the early part of the 20th century. Roger W. Burdette, a prominent numismatic historian and author of the pre-eminent text A Guide Book of Peace Dollars, has identified several differences that could account for differences in the amount and pattern of toning. Like the Morgan Dollar series that preceded it, Peace Dollars were stored in canvas bags and initially rinsed using the same mechanism; however, preparation and storage were otherwise very different. First, silver dollar planchets were annealed using charcoal and coal prior to 1901, whereas natural gas was used after 1901. Second, moisture was a problem and water damage was common prior to 1900 with many original bags rotting. New vaults and better technology lead to drier vaults in subsequent years. Third, annealed planchets were dipped in weak nitric acid to remove copper oxide prior to coining.
The differences in Peace Dollar production and storage noted by Burdette provide key insights into Peace Dollar toning. Toning results from thin film interference caused by the oxidation of silver. This oxidation occurs in the form of silver sulfide and silver oxide. The use of charcoal and coal in the 19th century increased free sulfur in the air and immediate environment that could facilitate toning; however, this was eliminated by the advent of natural gas heating prior to the introduction of the Peace Dollar. Moisture also facilitates toning, and the drier conditions characteristic of the 1920s also meant less toning in a slower progression. Finally, it is also possible that the final nitric acid rinse prior to striking could retard toning in many instances. Each of the factors identified by Burdette provides a plausible explanation for toning differences and even the increased scarcity of toned Peace Dollars; however, it also suggests that legitimately toned Peace Dollars can exist under the right circumstances. This is highly dependent on the storage of these coins in mint canvas bags and aftermarket holders.
Despite scientific and historical evidence that differences in Peace Dollar processing and storage could produce toning and in patterns different from Morgan Dollars, many naysayers still exist. It is noteworthy that Morgan Dollars produced after 1900 were also produced under conditions similar to those used to strike Peace Dollars (except that the latter were also treated with nitric acid). Most notably, the coins often exhibit minor toning that can take the form of a light gold or brown coloring. More advanced toning tends to appear darker in color and is often brown or black, and possesses a mottled appearance. Put another way, as vaults became drier and soot and free sulfur emissions were reduced, brightly toned pieces became much scarcer. Nevertheless, we do know from hoards that many brightly toned Morgan Dollars after 1900 do exist and are very rare. The source of many of these toned pieces also suggests that Peace Dollars can similarly exist when stored in the same conditions.
Brightly toned silver dollars after 1900 often exist from well-known hoards. Most notably, the famous Battle Creek Hoard which consisted of several original bags of Morgan Dollars and supplemental bags tagged from the Detroit Branch of the Chicago Federal Reserve with seals bearing dates of the 1920s. Long and behold, this hoard produced not only several brightly toned coins from the 1885-1887 era, but it contained nine 1904-O Morgan Dollars that were awarded the star designation, and a cursory glance at sales records and the public domain shows quite clearly that many of these were due to exceptional toning. Similarly, other hoards have produced similar factors for Peace Dollars and the famed Binion Hoard contained both Morgan Dollar and Peace Dollar toning, one of which is included in this set. Additional toning came from albums, envelopes, and other types of post-production holders. In the 1960s, loans and savings institutions that have given rise to other patterns.
Peace Dollar and Morgan Dollar toning are very different, and the literature and research provide plausible explanations to counter Hall's categorical statements. This set will now examine the sources of toning including original bag toning, album toning, and toning from other aftermarket holders.
Set Goals
This set seeks to explore Peace Dollar toning patterns and sources by analyzing pertinent literature and offering examples for further study.
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View Coin
| Bag Toned |
United States
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$1 1922 BINION COLLECTION
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NGC MS 64
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Ex Binion.
In the 1990s, Ted Binion, a wealthy Las Vegas casino executive and businessman, famously hoarded millions of dollars worth of bullion that were stored in a large concrete bunker west of Las Vegas. The holdings included several Morgan and Peace Silver Dollars. Several of the coins were stored in canvas bags and the concrete bunker potentially served as a source of moisture, creating ideal toning conditions. Several coins toned including Peace Dollars.
Typical Binion toning is usually thick and dark, due possibly to advanced toning accelerated by the storage conditions in the vault. Nevertheless, attractively toned specimens do exist, suggesting that under the right circumstances, highly attractive Peace Dollar toning can occur. The instant coin is an excellent example. It is unquestionably original and possesses very light and vibrant hues of peace, blue, red, yellow, champagne, and green that form a very convincing color progression customary of old silver dollars. Moreover, the toning is delicate and one can even see claims of elevation chromatics on the date. Both suggest that the coin is naturally toned. The coin is a true treat to view in hand. It is unclear why NGC declined to award this coin a star designation.
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View Coin
| Bag Toned |
United States
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$1 1923 PATRIOT COLLECTION
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NGC MS 63
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CAC - Ex Patriot Collection.
This coin is an absolute treat to view in hand, and appears highly original. It is highly reminiscent of the bag toning that is typically seen on Morgan Dollars, and the coin shows a very convincing progression of light peach, to blue, orange,fusha, magenta, aqua, green, pink, and finally a deep forest green color, that is typical of what one might expect from a Morgan Dollar. Moreover, it apears that there is a crescent shape on both the obverse and reverse suggesting that this could possibly be a crescent toner from where another coin laid on top of this coin in an original mint bag. This was very common in the Morgan Dollar era. The coin is simply stunning, and is highly lustrous in hand. The luster accentuates the vibrant colors in hand. It is probably the finest I have seen in all of my research. The images have not been altered or juiced in any way (other than combining photos), and the picture is an accurate portrayal of this astounding jewel.
CAC awarded a green sticker to this coin indicating that it met CAC's high standards for originality and is a solid quality coin for the assigned grade.
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View Coin
| Album Toned |
United States
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$1 1923 D
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PCGS MS 63
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This coin exhibits a delightful royal blue toning on both the obverse and reverse that emanates from the periphery inward in a very natural color progression. This is highly reminiscent of the toning seen on album toned silver dollars from other eras. The coin was likely placed in a album consisting of a paper or cardboard, and sulfur and other chemicals likely leached onto the coin along the periphery and began the toning cascade that eventually progressed inwards. It is very ironic that such a gorgeous piece resides in a PCGS holder given that David Hall, a PCGS founder, current President of Collectors Universe (a PCGS parent company), and member of the PCGS Board of Experts, has effectively declared rainbow toned Peace Dollars, to include those with blue toning, "is absolutely artificially toned." The coin would not look out of place in a higher graded holder.
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View Coin
| Envelope Toned or Other After Market Holder Toning |
United States
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$1 1924
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NGC MS 63
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This coin was likely toned by an envelope or other after market holder, and the color progression looks natural for a silver dollar notwithstanding minor discontinuities in the toning. The coin looks highly original to these eyes and NGC agreed. There is no evidence of any suspect coloration, extremely blotchy toning, or toning that appears to sit on the surface of the coin that distinguishes many artificially toned chemicals. There is no oily appearance or pooling of chemicals evident to suggest chemical manipulation. The progression looks very naturally. To my knowledge this coin has never been submitted to CAC.
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View Coin
| After market holder toning holder |
United States
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$1 1922
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NGC MS 63
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"Fire and Ice."
I admit that this coin will undoubtedly be controversial to many, but I believe that it is consistent with the toning imparted by many after market holders such as those distributed by savings and loan institutions to customers. The experts at NGC seem to believe that the toning is natural and market acceptable.
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View Coin
| After market holder toning - RETIRED - For Sale |
United States
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$1 1922
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NGC MS 62
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CAC. This coin has been retired from this set and is displayed only to provide another example for further study of Peace Dollar toning characteristics.
Of all of the dollars in the Chesdin Point Collection, this is the only one that I have sold, and it has toning that is more characteristic of most Peace Dollars exhibiting light browns and gold colors albeit in an attractive way. The coin also shows some red hues. My recollection is that the coin is slightly more lustrous in hand. A prominent strip of of different colored toning is noted along the obverse, consistent with a pull tab used on some after market holders to facilitate removal. This may very well have been from one of the cardboard holders issued by savings and loans institutions in the 1960s and later. Upon selling this coin in 2013, the buyer submitted the coin to CAC where it passed CAC's stringent standards for natural/market acceptable toning and is solid for the assigned grade.
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