Ok, so lemme get this out of the way first: I bought these coins on Ebay. I know, I know... Don't have any slabbed coins, and wanted to know what the fuss is all about, so I thought I'd dip my toes in the pool. Bought two inexpensive modern commems that I don't have -- an '86 Statue of Liberty dollar and an '88 Seoul Olympics dollar. Both NGC PF69 UCAM. Nothing spectacular, but a nice way to get started. Anyway, the Olympics dollar is gorgeous -- silver-white, mirror surfaces. Good deal. The Liberty, however, while it has a nice golden tone, has what I would describe as "toning flecks" on both obv and rev. I've heard the term "toning spots," but since these are irregularly shaped, flecks seems more accurate to me. Two questions. First, would NGC award a PF69 UCAM grade to such a coin, or is this a post-grading development? Second, am I overreacting when I feel like I got ripped off? How common are these types of flecks, and how/to what extent do they impact grade and value? Thanks for your guidance! V. btw -- can't post pics, at work.
Toning can affect grade in that it affects the eye appeal of the coin. It can have both a negative and a positive effect depending on whether or not it looks good. It's the same with value, in some cases good looking toning can actually increase value substantially while ugly toning can decrease value. You should also be aware that toning can occur after the coin has been slabbed.
I am guessing it toned after it was slabbed. If you are unhappy with it and feel the toning should lower the grade, I'd suggest sending it in to NGC for a grade review. If they determine that is is overgraded they will give you the options of a check for fair market value or they'll replace the coin.
I recently has a toned coin slabbed by PCGS and it came back MS69 so I don't think toning by itself means it will not be graded 69. I think they are more worried about surface corrosion and scratches but that is just my take on it.
I would agree that toning is very subjective. I recently sent a Constitution Silver Dollar to PCGS - the coin had a very beautiful uniform light toning all across the coin that IMHO did not at all detract from the coin. The coin itself had absolutely no nicks/spots etc under a 10X microsope. It came back a 66. I was surprised; shouldn't have sent it in . . .
Everything about the hobby is fairly subjective and based on a group of shared beliefs that have no real basis other than everyone has agreed to treat them as true. Cleaning is bad. But blast white is good. Heavily cleaned or damaged coins can't be slabbed. An error by the Mint increases the value of a coin. Coins used in jewelry are ruined. Tiny differences in condition can result in massive changes to the price of a coin. Uncirculated coins are more valuable than circulated, often by $1,000 or more for the same date/mintmark. Bullion coins are not as collectible as circulation coinage. Toning is bad, unless it is good. The list goes on, and you can probably think of more beliefs not listed here. None of these beliefs qualify as uncontestable facts like the law of gravity or 2+2=4. Nothing says they will always be true. You had a Constitution silver dollar that you really seemed happy about. Somebody else put the number 66 on it and turned it into a disappointment. This shouldn't be. You can drive yourself crazy trying to live up to other people's standards. Collect what you like, even if it doesn't fit the mold created by others.
