I was teaching a group of Boy Scouts their Coin Collecting merit badge the other night, and to my surprise, even the adults were engaged. I kind of figured many of the scouts were there just to score an easy merit badge, but maybe I'm a really good teacher, because they enjoyed themselves! They kept asking a lot of questions and wanting to see examples of what I was talking about. I was thrilled. One of the adults asked a question about toning (he is one of many, many Americans who have "a box of old coins and knows nothing about them"). The question was whether toning helps or hurts a coin's value. I think my answer left him a little confused. I briefly explained the difference between technical and market grading, and said how a coin's toning does not affect its technical grade, but when it comes to market grading, "it depends." It depends on whether the toning is attractive, unattractive, or neither. I explained rainbow toning and artificial toning, and how some folks pay a premium for rainbow toning, but how AT is considered damage. So, with toning, the answer really is, "it depends." There isn't a clear cut answer, and it can be very subjective. We try to make technical grading as objective as possible, but there is a degree of subjectivity to it. Market grading, on the other hand, is almost purely subjective once the technical grade is established. I think he wanted a more concrete, one sentence, easy-to-understand answer, but I don't believe there is one. Does anyone disagree with me here?
Nothing to disagree with. A moment like this is the best possible chance to emphasize the subjective nature of numismatics, as well as the huge span of potential concentrations for a budding collector. A fan of toning can have just as fulfilling a collecting experience as someone who can't stand it. And they all (well, sorta) get along.
If his question was about weather it helps or hurts a coins value, why did you go into the net and market grade aspect? A toners value is, for the most part, divorced from it's assigned grade.
Well, not really. I absolutely agree with the concept, but the reality is it isn't so. The TPGs almost always bump the grade of a coin with attractive toning, sometimes 2 or 3 grades higher than what the coin would grade if it were not attractively toned.
Market Grading in action. If they would simply identify it as a Net upgrade on the slab, I would have far less objection to the practice.
Toning goes through cycles. At one period of time it detracted from a coins value, then it became popular and (if attractive and authentic) added to a coins value, and so on and so on. As a retired educator I'm asked to talk about coins to a variety of different groups. When I'm asked what makes a coin valuable I answer the big three-1. Is the coin rare (surviving mintage), 2. is it desirable (do people want it), and 3. does it have eye appeal. I've always liked toning, especially rainbow toning, so I have several coin, mostly Morgan Dollars, that have attractive toning and I tend to bring them with me, along with a few coins that have unattractive toning to show the group. I inherited a Twentieth Century Coin Set from my dad. It's in a cardboard labeled mount for each coin made from 1900 to 1999 and it's in an old fashioned picture frame. The cardboard must of had sulfur in it, because the silver, and even some of the clad coins have toned up beautifully. When I brought it to my coin club I received several offers for it, because of the toning. (of course I would never sell it and it's going to my grandson someday), So my vote is that, for now, attractive toning adds to a coins value. Check out what some American Silver Eagles are getting if they have toning and they're supposed to be bullion.
I'm glad to hear that it went so well. That's awesome that you donated your time to do this. Sounds like you did as well as anyone else could have. Glad they were interested. That toning question was a fairly good question for someone who doesn't know much. I wonder if he had looked into it a little before asking you. It sounds to me like you did the best you could with the question. I would've basically said the same. I don't think most novices realize the gap between a raw toned coin from a box and an attractive, highly graded toned coin in a slab. As far as marketability. A newbie might even think they're comparable.
When I grade a coin I consider eye appeal too, but even when a coin has great eye appeal you still can't ignore the other grading criteria - which is what the TPGs do with attractively toned coins. Which is what "bump the grade" means - assign a grade higher than the coin deserves.
