Is Your Rainbow Toned Morgan Dollar Real? Authentication Guide for Toned Silver Coins

Historical Significance

The rainbow-toned Morgan silver dollar represents one of the most captivating phenomena in numismatics. These coins, particularly those with vibrant, multi-colored toning, have become increasingly popular among collectors in recent years. The specimen discussed in this forum thread—a Morgan dollar that upgraded from ANACS MS64 to PCGS MS66—demonstrates both the potential value of properly authenticated toned coins and the challenges collectors face in the current market.

Morgan dollars were minted from 1878 to 1921, containing 90% silver and 10% copper. The toning process occurs naturally over decades when silver coins are exposed to sulfur compounds in the environment, creating the beautiful rainbow effects that can significantly enhance a coin’s numismatic value when properly preserved and authenticated.

Identifying Key Markers

Weight and Metal Composition

Authentic Morgan dollars should weigh precisely 26.73 grams and measure 38.1mm in diameter. The 90% silver content makes these coins non-magnetic, which is a crucial authentication point. Any magnetic attraction indicates a counterfeit, as genuine silver and copper alloys are not magnetic.

Die Markers and Specific Characteristics

When authenticating toned Morgan dollars, collectors should examine several key areas:

• Lip and Chin Area: Genuine Morgans show specific die polish lines and subtle variations in the relief of Liberty’s features.
• Eagle’s Breast Feathers: The arrangement and depth of these feathers serve as reliable die markers.
• Date and Mint Mark Position: These should align precisely with known die varieties for the specific year and mint.

Common Fakes and Counterfeits

The forum discussion highlights several important points about authentication. The dramatic price increase from under $800 to nearly $5,300 demonstrates why counterfeits are prevalent in the toned coin market. Common fakes include:

• Cast counterfeits that often show porosity or lack sharpness in detail
• Spark erosion counterfeits that may have a grainy surface texture
• Altered date or mint mark varieties attempting to create rare combinations

The discussion about the cheek hit versus toning breaks illustrates a critical authentication challenge. As one collector noted, “The part I circled looks like a hit and not a toning break. It’s deeper than a toning break would be.” This distinction is crucial because artificial toning is sometimes applied to damaged coins to mask imperfections.

Testing Methods

Professional authentication involves multiple testing methods:

1. Visual Inspection: Examine the coin under magnification, paying attention to luster breaks, contact marks, and the pattern of toning. Natural toning typically shows gradual color transitions.
2. Specific Gravity Test: Measures the coin’s density to confirm silver content. Morgan dollars should have a specific gravity of approximately 10.3-10.5.
3. Magnification of Edge Reeding: Genuine coins show consistent, sharp reeding, while counterfeits may appear rounded or irregular.
4. Light Reflection Analysis: Natural toning interacts with light differently than artificial toning. The forum mentions examining “the TrueView photo at 3 or 4 o’clock” to identify genuine toning patterns.

Slab Authentication

The forum discussion about ANACS to PCGS upgrades highlights an important authentication consideration. Different grading services may evaluate toning differently:

“From what I see, Anacs graded it without taking color into consideration (not market graded) while PCGS had a color bump. I would split the difference and call it a 65.”

This discrepancy underscores the importance of understanding how different services evaluate toned coins. Some collectors prefer technical grading that ignores toning, while others accept market grading that considers aesthetic appeal.

The mention of “new yellow ANACS holders” suggests collectors should also authenticate the slab itself, as counterfeit holders have become increasingly sophisticated. Verify the certification number through the grading service’s online database before purchasing.

Value Guide

The dramatic price increase in this particular coin—from $800 to $5,300—demonstrates the potential value of properly authenticated rainbow-toned Morgans. However, the forum shows divided opinions on whether the coin deserved such a premium:

“Pretty coin but not a gem imo. All the color does is distract from the marks consistent with choice uncirculated designation which is what ANACS gave it.”

Several factors influence value:

• Color Intensity and Pattern: Vibrant, rainbow toning typically commands premiums over monochromatic toning.
• Eye Appeal: The toning should enhance rather than obscure the coin’s details.
• Technical Grade: Even with beautiful toning, significant marks will limit value.
• Certification: Coins in PCGS or NGC holders typically sell for premiums over other services.

The comment “common date Morgan going for over $5K all due to some environmental damage” reflects skepticism about whether the premium was justified. This highlights the subjective nature of toned coin valuation and the importance of personal preference in this market segment.

Authentication Checklist

For collectors considering rainbow-toned Morgan dollars, use this authentication checklist:

1. Verify weight (26.73g) and diameter (38.1mm)
2. Test for magnetism (should be non-magnetic)
3. Examine die markers specific to the date and mint
4. Analyze toning pattern for natural appearance
5. Check for signs of artificial toning or environmental damage
6. Authenticate the certification holder and verify the certification number
7. Consider professional authentication for high-value specimens

Conclusion

The rainbow-toned Morgan dollar market continues to evolve, with properly authenticated specimens commanding significant premiums. The forum discussion illustrates both the opportunities and challenges in this specialized collecting area. While the dramatic upgrade from ANACS MS64 to PCGS MS66 and the subsequent price increase may seem extraordinary, it reflects the growing appreciation for beautifully toned coins among collectors.

However, the skepticism expressed by some forum members serves as an important reminder: authentication is critical. The distinction between natural, premium toning and artificial toning or environmental damage can mean the difference between a $5,000 coin and one worth $250. As one collector bluntly stated, “my first thoughts is it needs a bath and my second thought is I wouldn’t drop more than $250 on that coin even if it really was a 66.”

For serious collectors, developing authentication skills or working with reputable dealers and third-party grading services is essential. The beauty of rainbow-toned Morgans makes them desirable, but only through careful authentication can collectors ensure they’re acquiring genuine, valuable specimens rather than artificially enhanced or counterfeit coins.

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