Monster Toning vs. Artificial: Decoding the Colors on WWI Victory and Participation Medals

Beautifully toned coins and medals can fetch massive premiums, but the line between natural and artificial is razor-thin. Here is how to evaluate the eye appeal — and protect your wallet.

As a toning specialist who has spent decades examining the surfaces of commemorative medals, so-called dollars, and exonumia, I can tell you that few areas of collecting offer as much visual drama — and as much potential for deception — as the world of toned World War I Victory and Participation Medals. From the iconic HK-902 and HK-903 so-called dollars to the heavy bronze plaques and trench art shell casings that surface at flea markets and estate sales, these pieces carry a century of history on their surfaces. And that history often reveals itself in color.

In this article, I will walk you through the major types of toning you will encounter on WWI-era medals and related exonumia, explain what drives market premiums for color, and — most critically — show you how to distinguish natural, beautiful toning from the artificial kind that can cost you hundreds or even thousands of dollars.

Why Toning Matters on WWI Medals and Exonumia

Unlike modern mint-state coins that are often preserved in inert holders from the day they are struck, WWI Victory Medals and participation medals spent decades — sometimes over a century — in environments that were far from controlled. They were stored in drawers, displayed in shadow boxes, hung on ribbons in veterans’ homes, tucked into albums, and even carried in pockets. Each of those environments left its mark on the metal’s surface.

The result is a stunning variety of toning patterns that, when natural, can dramatically enhance a medal’s eye appeal and numismatic value. I have personally examined specimens where the toning elevated a common medal from a $50 piece to a $500+ showstopper. But I have also seen artificially toned pieces that looked spectacular under certain lighting but fell apart under close inspection.

Understanding the difference is not optional — it is essential.

The Major Types of Toning You Will Encounter

Rainbow Toning: The Crown Jewel of Eye Appeal

Rainbow toning is, without question, the most sought-after color pattern in the exonumia market. When I see a WWI Victory Medal or so-called dollar displaying genuine rainbow toning, I immediately pay attention. This type of toning manifests as bands of color — typically progressing from golden yellow through magenta, violet, blue, and teal — across the surface of the medal.

Rainbow toning occurs when a thin film of sulfide or oxide forms on the metal surface at varying thicknesses. Light interacts with these thin films through a process called thin-film interference, producing the prismatic colors we see. The key word here is gradual. Natural rainbow toning transitions smoothly from one color to the next, often following the contours of the medal’s design elements.

On WWI-era pieces like the HK-903 “American Saviors of Liberty” so-called dollar or the French HK-903A “Victory of Right” medal, rainbow toning can appear on either the obverse or reverse — or both. When both sides display strong, natural rainbow toning, the premium can be three to five times the price of a comparable piece with ordinary, untoned surfaces.

In my experience grading toned exonumia, the most spectacular rainbow toning I have seen on WWI medals tends to occur on pieces that were stored in environments with consistent, low-level exposure to sulfur compounds — often from proximity to certain types of paper, cardboard, or fabric over many decades.

Bag Toning: The Subtle Beauty of Circulated Surfaces

Bag toning is a term borrowed from the coin world, where it originally referred to the toning patterns that developed on coins stored together in mint bags. In the context of WWI medals, bag toning refers to the subtle, often peripheral toning that develops when multiple medals are stored together — in a veteran’s collection box, a dealer’s inventory tray, or even a museum drawer.

Bag-toned WWI medals typically display a soft, even patina that is most concentrated around the rims and in the recesses of the design. The colors tend to be more muted than rainbow toning — think warm golds, soft browns, and gentle coppers. This type of toning is almost always natural, because it develops slowly over many years through contact with neighboring metals and the surrounding atmosphere.

I find bag toning particularly appealing on the larger, heavier pieces — like the impressive 15-inch by 22-inch embossed WWI plaques that occasionally surface in collections. When these massive bronze displays develop a uniform, warm patina across their high-relief surfaces, the effect is breathtaking. The toning accentuates the depth of the sculptural details — the unit insignias, the allegorical figures, the eagles — in a way that a freshly polished surface simply cannot replicate.

Album Toning: The Collector’s Legacy

Many WWI medals and so-called dollars were collected and stored in albums throughout the mid-to-late 20th century. The materials used in those albums — particularly the cardboard pages, plastic sleeves, and adhesive mounts — often imparted distinctive toning patterns to the medals they held.

Album toning on WWI pieces typically presents as:

• Peripheral toning concentrated around the medal’s edge, where it made contact with the album page
• Rectangular or square toning outlines that mirror the shape of album windows or mounts
• One-sided toning, where the side facing the album page developed color while the exposed side remained brighter
• Subtle iridescence in areas where plastic sleeves were in prolonged contact with the metal

Album toning is generally considered natural and, when attractive, can add a modest premium — typically 10% to 30% over a comparable piece without toning. However, album toning can also be a double-edged sword. If the album materials were acidic or contained harmful chemicals, the toning may be accompanied by corrosion, pitting, or active surface deterioration that actually detracts from value.

I always recommend that collectors who acquire album-stored WWI medals examine them carefully under magnification for signs of active corrosion before assuming the toning is stable and desirable.

Market Premiums for Color: What the Data Tells Us

The premiums for attractively toned WWI medals and so-called dollars have been climbing steadily over the past two decades, driven by increased collector awareness and the influence of third-party grading services like NGC and PCGS, which have expanded their certification services to include select exonumia.

Here is what I have observed in the market:

1. Rainbow-toned HK-902 and HK-903 so-called dollars in NGC holders with color eye appeal designations routinely sell for 200% to 500% more than comparable pieces without notable toning. The gold-struck HK-902a — one of the rarest and most dramatic WWI so-called dollars — commands an even more staggering premium when its surfaces display original, untouched color.
2. Looped vs. unlooped varieties also play a role in the toning equation. As one forum contributor noted, unlooped versions of the WWI Victory Medal tend to display a redder copper color, while looped versions exhibit a beige-er bronze tone. This difference in base color affects how subsequent toning develops and how it is perceived by collectors.
3. Medals with original ribbons and clasps — particularly those that show natural aging and toning consistent with their era — carry significant premiums. The WWI Victory Medal with its distinctive double rainbow ribbon is a prime example. A complete, original set with naturally toned medal, intact ribbon, and appropriate clasps is worth substantially more than the sum of its parts.
4. Heavy bronze plaques and cast medals, like the R.W. Bock copyrighted 1918 plaque and the large embossed Paris-produced plaques, are increasingly recognized for their toning potential. These massive pieces develop rich, multi-layered patinas that are impossible to replicate artificially.

The key takeaway for buyers and sellers: color sells, but only when it is genuine. The market has become sophisticated enough that experienced buyers and grading services can spot artificial toning, and pieces with suspicious color are increasingly penalized rather than rewarded.

Artificial Toning: The Red Flags Every Collector Must Know

This is where my expertise as a toning specialist becomes most critical. Artificial toning on WWI medals and exonumia is a persistent problem, and it has become more sophisticated over the years. Here are the warning signs I look for every time I evaluate a toned piece:

1. Unnatural Color Progression

Natural toning follows predictable patterns based on the chemistry of thin-film interference. Colors progress in a specific order: yellow → gold → amber → magenta → violet → blue → teal → green. If you see colors that skip steps, appear in the wrong order, or include hues that do not belong in this sequence (such as bright, flat reds or oranges that do not transition smoothly), be suspicious.

2. Sharp, Abrupt Color Boundaries

Natural toning transitions gradually across the surface. Artificial toning — particularly toning induced by chemical treatments — often creates sharp lines or distinct boundaries between colored and uncolored areas. If the color looks like it was “painted on” or stops abruptly at a design element, it was likely applied by human hands rather than by nature.

3. Uneven or Spotty Application

Chemically toned pieces often display an uneven, mottled appearance — areas of intense color adjacent to areas of no color, with no logical pattern. Natural toning, by contrast, tends to follow the physics of gas diffusion across a metal surface, producing patterns that are symmetrical, radial, or otherwise physically logical.

4. The “Too Perfect” Test

This is perhaps the most important rule I can offer: if the toning looks too perfect, it probably is. Natural toning is inherently imperfect. It has variations in intensity, subtle irregularities, and areas where the underlying metal shows through. Artificially toned pieces often display an almost mechanical uniformity that is physically impossible to achieve through natural processes.

5. Inconsistency with Provenance

If a medal is described as having been stored in a dry, controlled environment for decades but displays heavy, multi-colored toning, that is a red flag. Similarly, a piece that was reportedly carried and worn by a veteran — like the looped WWI Victory Medal described in the forum thread as having been “proudly worn by a WW1 veteran” — should show wear patterns consistent with that history. Heavy, pristine toning on a medal that shows physical wear is contradictory and warrants close scrutiny.

6. Chemical Residue and Odor

This is a simple but effective test. Artificially toned pieces sometimes retain traces of the chemicals used to create the color. Under magnification, you may see crystalline deposits, unusual surface texture, or areas where the metal appears etched rather than naturally oxidized. In some cases, you can even detect a faint chemical odor when the piece is warmed slightly (for example, by holding it in your hand for a few minutes).

Die Varieties and Their Impact on Toning Patterns

One fascinating aspect of collecting WWI so-called dollars — and one that intersects directly with toning evaluation — is the existence of multiple die varieties within a single HK number. The forum discussion highlighted several examples:

• HK-892 (1917 date) with at least four die varieties, including differences in the reverse die (flagpole tips, die cracks) and obverse die (ground contours beneath the kneeling soldier)
• HK-892 (1918 date) — an unlisted variety not mentioned in standard so-called dollar references, with distinct obverse and reverse die differences (rifle pointing position, star count between flagpole and eagle’s wing)
• HK-900a — a distinct variety with its own surface characteristics
• HK-902a — the legendary gold-struck example, previously owned by Steve Tanenbaum and certified by NGC

Why does this matter for toning? Because different die varieties were often struck at different times, stored in different environments, and handled by different people over the past century. A late-die-state example of HK-892 with die cracks through the flagpole tips may have a fundamentally different toning profile than an early-die-state example of the same variety, simply because the cracked die created micro-crevices in the metal surface that accelerated oxidation in those specific areas.

As a toning specialist, I always consider die variety when evaluating color. The same toning pattern that looks natural on one die variety might look suspicious on another, simply because the surface texture and metal flow patterns are different.

Special Considerations for Trench Art and Large Bronze Pieces

The forum thread also featured remarkable examples of WWI trench art, including a 1918 75mm shell casing and several large bronze plaques. These pieces present unique toning challenges and opportunities.

Trench art was created in the field, often under harsh conditions, from materials that were not intended to become collectible art. The brass and copper alloys used in shell casings develop toning patterns that are quite different from those seen on purpose-struck medals. I have seen trench art pieces with extraordinary natural patinas — deep chocolate browns, vivid greens from copper carbonate formation, and stunning iridescence from decades of exposure to the elements.

The large bronze plaques — like the 8-inch square R.W. Bock cast bronze and the massive Paris-produced embossed plaque — develop toning that is influenced by their sheer mass and thickness. These pieces retain heat differently than thin medals, which affects how oxidation layers form. They are also more likely to have been displayed in environments with variable temperature and humidity, producing complex, multi-layered patinas that are extremely difficult to fake.

Actionable Takeaways for Buyers and Sellers

Whether you are buying your first WWI Victory Medal or you are a seasoned so-called dollar collector looking to maximize the value of your holdings, here are my top recommendations:

1. Invest in proper lighting. A good loupe (10x magnification) and a daylight-balanced lamp are essential tools for evaluating toning. Never buy a toned piece based solely on photographs, which can be manipulated to enhance or disguise color.
2. Study natural toning patterns. Spend time examining certified, authenticated pieces in museum collections and reputable dealer inventories. The more natural toning you see, the better you will become at spotting artificial color.
3. Consider third-party certification. For high-value pieces — particularly gold-struck examples like the HK-902a or top-pop so-called dollars — NGC or PCGS certification provides an additional layer of protection against artificial toning. These services have developed sophisticated methods for detecting chemically altered surfaces.
4. Document provenance. A medal with a documented history — especially one that can be traced to a specific veteran, unit, or event — commands a premium that goes beyond toning. The story of Grace Banker, the Hello Girls chief operator who was denied her Victory Medal for over a century, illustrates how provenance can transform a common medal into a historically significant artifact.
5. Preserve natural toning. If you own a beautifully toned piece, do not clean it. I cannot stress this enough. Cleaning a naturally toned medal destroys the very feature that makes it valuable. Store it in a stable environment — away from extreme temperature changes, high humidity, and sulfur-rich materials — and handle it only by the edges.
6. Be skeptical of bargains. If a dealer offers you a spectacularly toned WWI so-called dollar at a price that seems too good to be true, it probably is. Artificial toning is often used to inflate the apparent value of common pieces.

The Enduring Appeal of WWI Medals and Their Colors

The WWI Victory Medal and its related participation medals, so-called dollars, plaques, and trench art represent one of the most historically significant and visually diverse areas of exonumia collecting. From the allegorical designs sculpted by James Fraser to the die varieties documented by dedicated researchers, these pieces connect us directly to the events and individuals that shaped the 20th century.

The toning that develops on these pieces over a century of existence is not merely a cosmetic feature — it is a historical record. Every layer of color tells a story about where the piece has been, how it was stored, and what it was exposed to. A naturally toned WWI Victory Medal is not just a collectible; it is a time capsule.

As collectors, historians, and investors, our responsibility is to understand that toning, preserve it when it is natural, and expose it when it is not. The market rewards knowledge, and in the world of toned WWI exonumia, knowledge is the difference between a wise investment and an expensive mistake.

Whether you are drawn to the rainbow iridescence of a top-pop HK-903, the warm patina of a veteran-worn Victory Medal, or the deep, complex toning of a massive bronze plaque, remember this: the most beautiful colors on these pieces are the ones that time itself painted. Our job is simply to recognize them, appreciate them, and protect them for the next generation of collectors.

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