AU55 Dipped and retoned in a Dansco album. That brown & blue peripheral toning is a clear indicator of a secondary toning.
Back in the day, these old beauties were routinely cleaned. People were proud of their collection and wanted to show off a coin that wasn't dirty. I agree at AU and I agree with the valuation. It's a nice coin. If it has retoned, perhaps the cleaning was not too harsh. (Scrubbing or polishing which produces scratch lines.)
I think it is worth noting that this coin shows very strong "pull away" toning around both the stars and the date. While common on Morgan Dollars, it is scarce on other coinage, though I have a Lafayette Dollar that displays it. The importance of this is that "pull away" toning is something (to my knowledge) that coin doctors can't replicate and has always been a very strong indicator of NT (natural toning). That is important with respect to this particular coin, because the bright cobalt blue peripheral toning could easily be construed as AT by someone unaware of its commonality in secondary toned coins.
