This does not look like any VAM and if it's old cleaning, I'm surprised that it was slabbed by PCGS. Any thoughts?
Well lit, in focus images of reverse and obverse are required for informed answers to your question. Also, all Morgan and Peace dollars are VAM's. It is the study and collation of die marriages and the die life stages.
Looks like typical toning around metal flow lines. Many pieces have that "shadow effect" away from the stars. Z
Awesome info. I didn't know the term for that. @Shru , you have a great piece there. No reasons to be concerned that I can see. Z
I'm not a metallurgist, but did study chemistry in college. I'm thinking the forces of striking change the crystalline structure of the silver on the rim side of the raised elements causing them to tone at a different rate. Z
All Morgans are worthy of attention, yours is no exception. Visible toning is good. Thanks for sharing.
From those pictures, it simply looks toned. Not cleaned. The toning irregularity makes it look like it is multilayered. PCGS got it right—it was not cleaned, straight graded and toned, although I do not find that type of toning an asset. The coin would grade 65 in todays market.