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<p>[QUOTE=&quot;Lehigh96, post: 771937, member: 15309&quot;]I don&#039;t know what I wrote that would give you the impression that I was insulted.&nbsp; On the contrary, I was stoked that I got a chance to talk about one of my favorite collections.&nbsp; And yes, they are gorgeous.&nbsp; If you are considering purchasing rainbow toned coins, you need to understand that there is not safety net in the form of a price guide.&nbsp; The coins sell for significant premiums and you must have a thick skin to deal with all of the collectors who will call you a fool and predict impending doom for the toned coin market.</p><p><br /></p><p><b>EOR</b> stands for <b>E</b>nd <b>O</b>f <b>R</b>oll toned.&nbsp; Answering your last question is very difficult and strikes at the heart of the toned coin market.&nbsp; An NGC MS64* coin can be much more expensive than an NGC MS65.&nbsp; The star designation indicated that the coin has exceptional eye appeal for the assigned grade and does not indicate PQ (Premium Quality).&nbsp; In fact, I have seen many star coins that were low end for the grade and were market graded examples due to the toning.&nbsp; However, the toning and eye appeal can drive a significant premium, often multiples of wholesale, and sometimes more than the price of the next highest grade.&nbsp; Lets use these Great Falls Morgans as examples.&nbsp; The first coin is an 1881-S MS64*.</p><p><br /></p><p><font size="4"><span style="color: Blue">1881-S Morgan Dollar NGC MS64* Great Falls Collection:&nbsp; $700</span></font></p><p><br /></p><p><img src="http://i117.photobucket.com/albums/o59/ACPitBoss/Morgan%20Dollars/Morgan%20Dollar%20Great%20Falls%20Collection/MorganDollar1881-SNGCMS64StarGre-1.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>The coin has phenomenal bright toning with incredible luster and semi-prooflike surfaces.&nbsp; If not for the marks in the left obverse field in front of the neck and on Liberty&#039;s chin, this coin would have reached gem status.&nbsp; As it is, it is an MS64* that drives a premium of almost 15X wholesale.&nbsp; Now lets look at an MS65 Great Falls Morgan.</p><p><br /></p><p><font size="4"><span style="color: Blue">1881-S Morgan Dollar NGC MS65 Great Falls Collection:&nbsp; $100</span></font></p><p><br /></p><p><img src="http://i117.photobucket.com/albums/o59/ACPitBoss/Morgan%20Dollars/Morgan%20Dollar%20Great%20Falls%20Collection/MorganDollar1881-SNGCMS65GreatFalls.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>I actually paid less than wholesale for this coin.&nbsp; It is a low end MS65 to be sure with a significant number of surface marks and a reverse patina that slightly mutes the luster.&nbsp; The problem is that this coin is very common in MS65 with a population of 87465/29541.&nbsp; Without the incredible toning of the first coin to separate it from the pack, it becomes as common as an MS69 ASE.&nbsp; It is important to recognize how eye appeal/toning can affect the price of a coin.&nbsp; However, you should be careful when making the distinction using something as arbitrary as the star designation.&nbsp; After all, not all star coins are created equal.&nbsp; Take a look at this 1881-S MS64*.</p><p><br /></p><p><br /></p><p><font size="4"><span style="color: Blue">1881-S Morgan Dollar NGC MS64* Great Falls Collection:&nbsp; $125</span></font></p><p><br /></p><p><img src="http://i117.photobucket.com/albums/o59/ACPitBoss/Morgan%20Dollars/Morgan%20Dollar%20Great%20Falls%20Collection/MorganDollar1881-SNGCMS64StarGre-2.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>With a price tag at exactly MS65 wholesale, I overpaid just a little because of the pedigree.&nbsp; The toning on the coin is very attractive but any premium over 2X wholesale is really pressing it.&nbsp; Please compare the difference between this coin and the MS64* that sells for 15X wholesale.&nbsp; Notice the extreme difference in luster, color, and overall eye appeal.&nbsp; The moral of the story is that each and every toned coin must be evaluated and priced based on the merit of it&#039;s eye appeal.&nbsp; More important is to recognize that the result of this evaluation will be different for every collector.<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>

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