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<p>[QUOTE=&quot;gbroke, post: 1271912, member: 22585&quot;]Good point on &#039;butt ugly&#039;.&nbsp; The term &#039;toned&#039; covers a huge range of looks and color. Most &#039;toned&#039; coins do look like what they are, tarnished. The ones that bring the premium are rainbow, target toned, etc.. The ones with a variance in colors. </p><p><br /></p><p>Let&#039;s take morgan dollars for example. In general, nice white, or clean Morgans are readily available. They were all in bags when minted. Now to find a truly naturally toned, colorful Morgan that was toned from touching the side of the bag is a lot more difficult. How many of those coins in the bag had that contact? And of those touching the bag, how many actually toned colorfully? The number dwindles quickly.&nbsp; This is why the premium can be upwards of 10x&#039;s it&#039;s actual value.[/QUOTE]</p><p><br /></p>

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