1938-D Oregon Commemorative (GTG if you'd like)

The coin has luster, but I'm reasonably certain the quality of luster was a good bit higher at an earlier point in its life.

Look at the remains of black toning at the top of the obv -




- just below the corner of the cape -




- as well as the top portion of the rev and the rim just at the corner of the wagon's top.




The black color of the toning coupled with the pattern of specks scattered here and there indicate to me that coin was heavily and very darkly toned over much of its surface at one point. This look is typical of dipped coins. The toning itself, given how dark it is, probably reduced the quality of luster somewhat. And then dipping it, perhaps for half a second too long in an effort to remove as much of the dark toning as possible, the luster would almost certainly have been reduced a bit more.

These coins are well known for having very high quality of luster in some cases. I suspect this was one of them once. But either the heavy black toning, and or the dipping combined with it, have reduced it to what we see now.

If pictures of this coin and what it looked like before it was dipped existed, I think most most would find it quite ugly and some think it beyond hope. But as it is, it serves as a good example of what dipping can do for a coin - restore it to a coin its owner is proud to have.