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<p>[QUOTE=&quot;Lehigh96, post: 683925, member: 15309&quot;]Doug, </p><p><br /></p><p>I recognize that toned coins were not always as desirable as they are now, but I think you time line is a little off.&nbsp; This is a link to an auction of the following coin that I purchased from Heritage in 2002.</p><p><br /></p><p><img src="http://i117.photobucket.com/albums/o59/ACPitBoss/Morgan%20Dollars/MorganDollar1886ANACSMS65969389H.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p><a href="http://coins.ha.com/common/view_item.php?Sale_No=289&amp;Lot_No=1149" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://coins.ha.com/common/view_item.php?Sale_No=289&amp;Lot_No=1149" rel="nofollow">http://coins.ha.com/common/view_item.php?Sale_No=289&amp;Lot_No=1149</a></p><p><br /></p><p>At the time, I believe that wholesale value of an 1886 MS65 Morgan was about $100.&nbsp; This coin in an ANACS holder sold for over 4X wholesale.&nbsp; I wouldn&#039;t call that giving it away.&nbsp; As I recall, it was just as difficult to obtain rainbow toned coins in 2001 and 2002 as it is now.&nbsp; The shift from blast white to toned coins must have happened prior to 2001.</p><p><br /></p><p>I understand your point about gradeflation and I do believe it exists to a certain extent with toned coins.&nbsp; You routinely see rainbow toned coins getting a grade bump from the TPG&#039;s.&nbsp; Personally, I think the TPG&#039;s are making a big mistake trying to &quot;price&quot; toned coins.&nbsp; First, they will never be able to keep up with the premiums for most of the monster coins which sell for 10X+ bid price.&nbsp; Second, the actual price of each toned coin varies so much with respect to the overall look of the coin that trying to price them with a price guide is futile.&nbsp; The TPG&#039;s should grade the coin based on it&#039;s merits and let the market determine the price of the coin, IMO.</p><p><br /></p><p>I think the CAC had more of an impact on the grading by the TPG&#039;s than you are giving credit.&nbsp; I can&#039;t prove it of course, just a feeling from reading the forums.[/QUOTE]</p><p><br /></p>

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