Toned coins have gained immense popularity over the last decade, with some common date certified MS65 examples of Morgan dollars having exquisite coloration commanding prices of several thousand dollars (the top 1%), with pleasing examples bringing several hundred . This market situation has opened up opportunities for the dishonest coin sellers who doctor AU coins at home and offer them up on ebay to unsuspecting collectors as toned BU coins.
I wrote this guide for two reasons: (not necessarily in this order)
1. As a collector of toned coins, I actively search ebay and local dealer showcases for colorful coins that exhibit original patina. I have ebay search results emailed to me daily, and lately these searches are dominated by sellers of artificially toned coins. Frankly, I am tired of the amount of time I have wasted weeding out the bad listings from the good ones.
2. I will share some of my knowledge about how to identify the traits of both real natural coins and the fake "Circus Clown" toned coins that have become pervasive on ebay these days, so that the money you spend is not wasted on worthless junk. I am disgusted by this dishonest practice, and this is my small way to inform those like me who appreciate the beauty of natural toned coins.
THE FAKE COINS and the cheats that sell them on ebay:
1. Coins almost always offered as raw, or uncertified. If they are certified, they are not by companies like PCGS, NGC or ANACS (who will not certify artificially toned coins). "Rainbow" toned coins are heavily pushed in holders from NNC, NTC, ANI and others, and are often problem coins that have been cleaned, whizzed, etc.
2. Coins are brightly colored, even gaudy in appearance, and are flat with little or no cartwheel luster.
3. Some have the appearance of having burns, due to the harsh chemicals used in the process.
4. Sellers of artificially toned coins usually specialize in selling them, because one small bottle of coin toner will alter dozens of coins, and the potential profit.
5.
Take notice of the inventory of a suspected fraudulent seller, his or her coins will look almost exactly alike, with similar patterns and hues. This is because each coin is being altered in the same way, assembly line style. If you think that it is normal for seller to offer 35 raw Morgan dollars that have spectacular concentric rainbow toning each and every week for $9.00 each, you would be mistaken. Genuine coins of this caliber are hundreds of dollars. By the way, some of the current sellers of these chemically toned coins are having difficulty selling the coins, which are receiving no bids at all. I think most of us have recognized these people as frauds.
6.
Take a hard look at the feedback of a suspected fraudulent seller. It will become totally obvious what is going on when the whole world can see that the only thing the seller buys at auction on ebay is bulk lots of cheap common date AU Morgan and Peace dollars, and the only items the seller sells at auction is monster toned coins. It is this type of buying and selling record that provides the evidence one would need to determine this seller is a cheat. Click on the feedback rating of any seller with suspicious looking coins, then click the "feedback as a seller" tab, and then click the "feedback as buyer" tab and do some investigating. Also, read the neutral and negative feedback and look for patterns of fraud. A few minutes looking around could save you a pile of money, especially if you are bidding on a rare date.
7. Do a search for coin toner, see who is selling it, then look at the list of names in the feedback section of all the buyers of this product. Even though the auctions were private, some leave feedback stating how well the toner works, etc. It would be a safe bet to stay away from anyone associated in this list. Some sellers avoid the connection by buying coin toner at coin stores.
Here are some examples of some artificial coins that are being auctioned here on ebay. I will leave the names of who I suspect are fraudulent sellers unpublished, but feel free to forward any coin listing to me via email that you are considering, and I will offer advice as well as the names of known junk sellers.
FAKES 
...read the full guide with pics here 
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