I use diffused lighting to show toning on proof coins and use direct lighting for all mint state coins and to show cameo contrast on proof coins. I have never used axial lighting because the majority of professional numismatic photographers that post on the coin forums state that they can achieve equally good results without it.
Just saw your eBay photos, Lehigh. Those are some really nice photos..... And happen to be collecting Jeffers.
Coinstruck, your photos are quite good already! Just keep playing with things -- lighting, exposure, color, focus, and more lighting -- and you'll get better. Here's a few quick tips -- proof coins tend to look best with diffuse lighting, and mint state coins tend to look best with point source lighting as close to the camera as possible. Circulated coins are somewhere in between. Toned coins are an art unto themselves. Raw coins are easiest. Most shots look best with two lights, and the ones that don't are usually shot with a single light. Hope this helps...Mike