No it isn't. Acetone is primarily good for one thing - removing PVC. It can also be used to remove some types of glue, tape or tape residue and just plain old dirt and body oil residue on circulated coins. Other than that it won't remove anything. When somebody says a coin has been dipped they are referring to a commercial coin dip. There are many different brand names but almost without exception they all contain 1 key ingredient thiurea. It is an acid and it will remove toning and a small, thin layer of metal from the coin. That's what makes the coin look bright and like brand new. And if the coin is dipped for too long or too many times it will remove luster as well.
As said by others, acetone will only remove organic stuff. It's not an acid and can not remove metal.
If you think Copper does weird things, then try this! Take a fairly nice 1943 Zinc coated Steel Cent and scrub it hard with a toothbrush in Easy-Off Bam. The Zinc will turn a Copper color and it makes the coin look a 1943 Copper (or actually Bronze) Cent. Frank
Also, if you put a 1943 cent in White Vinegar, it'll turn it into a copper color. So I've heard. Phoenix
<----- NOOB !! Perhaps I should have stated over-dipped ? I was of the understading that anything dipped over 15 seconds in acetone would dull the "edge" of the flow lines and flatten the surface. This is information that I recall (memory could be wrong) from a couple of David Bowers' books. Also, I did not mean to infer that toned coins completely lacked luster. I merely ment that sometimes it can obstruct it. I will try to re-read my posts for clarity, in the future. I am still a noob when it comes to this great hobby. I appreciate the discussion and the opportunity to advance my knowledge.
David Bowers is one of the great folks in this to listen to. I'm just not sure he was talking acetone. I'm thinking David was talking about an acid dip. Hey conder101 jump in here. You know this stuff.
Acetone will not dull the surfaces of a coin, even if you leave it soak for long periods of time. Commercial coin dips like ez-est however will burn the surfaces of a coin in short order. Typically when you dip a coin, you need to dip it for a few seconds, and then immediately neutralize the acid, or it can continue to react or leave a residue both of which can damage the coin. It does not take a long time in dip to completely destroy the luster.
Thanks Gentlemen. I could be transposing acetone and dip. I know there is reference to it in The Coin Collectors Survival Manual. I'll check it when I go back to work tomorrow. Been reading it on my lunch breaks. Also, sometimes I have trouble relaying my thoughts to text.