Toned Morgan - end of roll or "manufactured" ?

My guess would be that these would be deposits from customers that would be rolled by the bank for storage (and they would not necessarily be just 19th century rolls; they can even be 1960s rolled coins).

 

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Yes. Banks put them in rolls later in their life for easy storage once paper rolls became commonplace. But you are correct in that they came in 1000ct bags from the mint originally

 

OK, that's how they got in the rolls, I see. Thanks.

 

That's what I thought, they were just indiscriminately rolled. I didn't know some of the banks rolled them when they got them.

 

As others have stated, EOR toning on Morgan Dollars usually manifests itself in two ways. The first is when they paper is folded over the end coin. These coins will present clear demarcation lines that show the where the flap of paper was on the coin. For example:



The second type is with the paper crimped along the outer edge of the coin. These will usually show an untoned periphery with rainbow toning across the exposed area of the coin. For example:



The coin in the OP shows neither of these patterns and instead has rainbow toning that is most developed at the periphery and graduates to an untoned center of the coin, which is the usual characteristic of album toning. However, as others have mentioned, the toning on this particular Morgan is questionable. Whenever you see a raw common date low grade Morgan Dollar with what appears to be questionable toning, the best policy is to pass on the coin. There are just too many nicely toned Morgans to bother with coin that might be a problem coin.

 

That is classic EOR toning. Note the progressive color, where the paper made contact. Also notice that the toning is asymmetrical; where the paper made contact with the coin is quite vivid, and angular (like the paper). Whenever I see non-progressive, very symmetrical toning like the OP's coin, I am suspicious.

 

Oh, I like that crimped one, Lehigh. I feel like you don't see those nearly as often as the straight edge ones.

 

Another EOR toner example?

These are seller's photos which I was expecting to be juiced but surprisingly coin looks exactly like this in hand. Wild one.

 

And it wasn't Banks whom rolled them....the branch banks of the Federal Reserve system rolled them. The only bank rolled coins were hand rolled on flat sheets.
The branch banks received coinage from the mint. Mostly in bags of 1000 for dollars.
The truck would pull into the back of the bank. The doors were closed,and a turn table would turn the truck around to the loading dock. This was done for security reasons .
The bags off loaded were loaded onto dollies, and taken to several rooms that were more so cages that housed machine rollers.
Different cages rolled different denomination of coins.
Banks would then place a order for the coins needed by their customers .
Now remember during this period banks used quite a bit of coinage.....as a dollar was a lot of money.
How do I know this my father worked 47 years for the Federal Reserve . He held quite a few positions from the age of 15 when he and my uncle started, and retired @ 62 as a Federal Reserve Agent . Who issued and destroyed currency , before that he ran the non cash collection dept. Yes Checks.....unlike today's check processing all checks written went through a branch or a Federal Reserve bank to be cleared for payment.

 

Not with Morgans. Maybe 1921 and peace dollars but paper coin rolls were not commonly used until the 1920s/30s

 

And if you do the math you'll notice my father was employed in the 1930's .As he was born in 1915 started in 1930. And when I or "he" referee to machine rollers it was hand powered. With a gravity feed via a hopper to fill the paper rubes and then hand crimped or folded. Correct all coins came in money bags from the mint....but rolled coins came from the Fed. Unless a bank order by bags.