Is a toned note more or less valuable?

Yes, I mostly agree run run run! Why? Because there are other better examples out there that you could wait to obtain. I especially agree if you are a collector seeking to build a collection which you hope the vast majority of others may equally find appealing and be willing to agree that some degree, if not even a large degree, of a premium is warranted for problem free notes. Why risk such problematic notes fetching less if the problems were only to worsen the older they get...

There may be some collectors on a budget or even the curatorial-minded folks out there who would be willing to give such "toned" notes a home. Certainly someone has paid TPGs to grade notes with problems. We see such notes regularly, those other TPGs note them with APPARENT, the way coins are slabbed with GENUINE and a note given to the type of problem likely determined to be responsible for the non-grade.

The main problem I see with the CGA holder is that they don't follow a clearer naming convention like PCGS does in such cases. Take for example this (current) Heritage Auction for an Fr. 37 Series 1917 $1 Legal Tender. It bears a high grade from PCGS, a 62, but is labeled APPARENT, with notations for "paper toning" amongst other issues. This note, if problem free, may sell (approx.) in the $400 dollar and up range. Heritage has suggested the note may sell for $175. I think that's very hopeful on HA's behalf to suggest that much. If I had to guess, I'd say this comes in between $90 - $110, if that because of the BP, taxes and shipping one needs to pay over the winning bid from HA. Given it's problems, many will pass this note over. We can track this auction and see how the current buyers market favors or ignores the note... stay tuned!

One more thing to offer the thread for consideration, problematic as these so-called, "toned" notes are, having been placed in an archival holder, their deterioration may have been greatly slowed if not entirely stablized at this point. Air and moisture will continue to be a factor for paper, even in these holders, but continued proper storage can prolong such a delicate notes life span. It's life could more so be extended if such a note suffering from a high acid content were sent off those mystery people I occasionally hear about in the industry who work curatorial wonders on paper objects, managed to remove the high acidity and bring the paper back to a neutral pH. This is a common procedure, at least with works of art, particularly prints, manuscripts, books and drawings or photos printed on rag papers. Most art museums with print and drawing collections, keep on staff or retain the regular services of such professionally trained curators. They help with long term stablization, protection and restoration of the delicate works of art on paper. Currency is another form of printed matter, not outside the realm of restorative capabilities of paper conservationists. Maybe that's a dirty idea to some paper collectors but I think it deserves a less restrictive and condemning view, especially in light of such services rendered by NCS, a satellite of NGC for coin conservation (and a sister agency of PMG notes by the way). I don't see why paper should be ignored while coins may be restored, professionally.

For the sake of the OP... Yes, in the current collector market, a toned notes is more often than not, less valuable... I would provide some contrast to that sentiment though, by suggesting that as rarity increases for a note, while problems continue to limit the value compared to a pristine example, if something like a 'grand watermellon' shows up, even in rag-tag condition, it's still going to catch some interest. Of course, I used an extreme example not likely to occur, but the point should be registered, that some factors are relative given what the thing is. Yes, 'toned' is a devaluing factor, but it need not render the thing worthless, though it may be risky.

Just some thoughts to chew on...

 

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