Following the Bland-Allison Act, the Morgan Dollar began being produced by the U.S. Mint in 1878. The act authorized the U.S. Treasury to acquire silver and have it introduced to commerce. Created by George T. Morgan, the Morgan Dollars continued its circulation until 1904 before being halted in 1921 following a 17-year hiatus. They are composed of 90% silver and 10% copper which remain unchanged until 1964.
Mintage of the Morgan Dollar took place in Philadelphia, New Orleans, Denver, San Francisco, and Carson City. The Mints would place a mint mark on the reverse of the coin which they have minted where apart from the Philadelphia Mint, all others would have the marks O, D, S, and CC for New Orleans, Denver, San Francisco, and Carson City respectively. Many of the Morgan Dollars minted were never distributed as they were surplus to the minimum requirements needed for circulation. As a result, many of them were kept in large canvas bags by the U.S. Treasury and remained there until the Treasury began selling them to the public in the early 1960s, while any that remained were sold to the public again in the 1970s by the General Services Administration (GSA).
It is compelling to know that some of the Morgans turned out to be beautifully toned over the years while in the bag as a result of a reaction to sulfur, which were used on the fabric of the bags to prevent rats from hindering the bag. The reaction is known as the thin-film interference, where the formation of a thin silver-sulfide film was created by sulfur touching the coins surfaces. This silver-sulfide film along with light created the gorgeous toning of the Morgan Dollars and each coin gave off different colors depending on the thickness of the film and the angle of the coins within the bag.
Hence toning is altogether a different phenomenon as opposed to rusting and silver-oxide, which is done by oxygen exposure resulting in iron rusting or gray haze respectively, as toning results from the coins being exposed to sulfur and light.
Apart from such events in the U.S. Treasury canvas bags, toning can occur due to trace sulfur which can be found in paper and cardboard such as tissue paper, envelopes, albums, and tab booklets. Toned coins are also often found in the aforementioned examples also as the target-like pattern of toning typically occurs in envelopes, whereas tissue paper leads to patterns mirroring paper. Booklets or albums result with a line of blank space in accordance to the position of the plastic tabs within them. Although not mentioned, of all the tonings produced, coin rolls are known to produce the wildest of patterns of toning.
Distinguishing Natural Toning from Artificial Toning
Toned coins offer a high premium in the contemporary market. One must be on the lookout for artificially toned coins where there are those who artificially tone the coins themselves in order to mimic toning for more premiums. Though it can be a challenge to differentiate from natural toning (NT) from artificial toning (AT), below are some ways to help distinguish between the two:
- Color Progression: Natural toning occurs from specific color transitions from Peach to Charcoal which are difficult to mimic without the right humidity levels and sulfur exposure.
- Pullaway: Natural Toning is not able to exhibit toning in areas where the metal of the coin was stretched during the striking process and while artificial toning should not have this, advanced techniques today could enable them to mimic this.
- Elevation Chromatics: Artificial Toning tends to display uniform color while naturally toned coins display different colors on high and low points.
- Research: Artificially toned coins are known to continue toning even after being graded or certified. Therefore check records and certifications of the coin for toning changes after grading.
- Other Problems: Natural Toning coins face less issues with cleaning marks, while Artificial Toning have a higher possibility of having cleaning marks.
What Contributes to a Toned Morgan's Value?
A toned Morgan's value depends on multiple factors, such as:
- Color: Overall look and specific colors such as Emerald Green, Magenta, and Royal Blue being the more popular ones.
- Luster/Surface Type: Different luster types, such as Cartwheel, Velvety, and Prooflike, affect color vibrancy.
- Haze: Haze can mute color which can affect the value of the coin.
- Which Side of the Coin is Toned: Toning on the obverse of the coin is often more valuable than toning on the reverse side.
- Textile: Coins with textile patterns, especially those with imprints of thread, are very popular and valued.
- Special/Unique Patterns: Coins with special or unique toning patterns often result in high premiums as they are seldom found.
- Strike/Toning Breaks: Features of a good strike and smooth toning without breaks on a coin add more value.
- Date: The rarity and scarcity of the date of the coin and toning can also increase value.
- Grade/Surface Preservation: Higher-grade coins with sharp details, fewer marks, and more luster can lead to more value.
- The Holder: Rare coin holders such as PCGS rattlers or NGC fatty holders, can add more value to the coin.
Taking a Deeper Look at Color Evolution
The progression of colors seen in bag-toned Morgan dollars can be categorized into five distinct cycles, helping categorize these beautifully toned coins.
(Compiled by Brandon Kelley)
1st Phase - Beige to Mulberry Purple
2nd Phase - Navy blue to Fuchsia Purple
3rd Phase - Sapphire Blue to Magenta
4th Phase - Azure blue to Dark Violet
5th Phase - Dark Denim Blue to Black
This spectrum of thin-film colors can be divided into three main groups: pastel, neon, and black.
Pastel Spectrum
The pastel spectrum is the first stage of the color development, which encompasses phases one and two mentioned above. Coins exhibiting colors in this spectrum display soft, delicate colors, with some notable luster. Some of the coins also display beautiful sunset-like colors while others display captivating vibrant colors with nice luster.
Neon Spectrum
The neon spectrum includes phases two and three of the middle part of the color spectrum. Coins in this spectrum displaying beautiful neon toning are often highly in demand due to them being visually stunning. Only a few in this spectrum display a vibrant turquoise toning which is an exceptionally rare color.
Black Spectrum
The black spectrum is part of the final fourth and fifth phase of the color spectrum. Coins in this spectrum display some shades of green found in the neon spectrum from phase three and gradually darken in color. Those that display luster and nice patterns of an array of colors are exceptionally captivating, especially when the coin itself shows a prooflike appearance.
Varieties of Toned Morgans
Sunset/Pastel
Coins within this category feature pastel-like colors that tend to be delicate and light such as a beautiful sunset along with the right luster. While they do not exhibit colors that result in high premiums, they are admired by many for their light and gorgeous colors.
Banded Rainbow
This type of toning is known to be relatively common, displaying bands of rainbow color progressing across the surface of the coin. Fully toned examples covering the whole surface of the coin exhibiting a wide range of colors are the ones that are exceptional and show great eye appeal.
Textile
Textile-toned coins are among the most coveted types of toning. The patterns of the textile derive from the mint bags in which the coin was stored in. Only a handful of these examples can be acquired for reasonable prices. Examples that showcase rich textile patterns along with vibrant colors come with a hefty price tag. These textile-toned coins are ranked among the most remarkable and significant toned Morgans.
Double-Sided Textile
The double-sided textile toning is a rare type of toned coin as they are uncommon and are known to have occurred by means of the mint bag being moved during the toning process of the coin, resulting in some coins to be flipped over and being toned on both sides. Examples are known to be very rare with only a few that are known to exist.
Crescent
The crescent toning is one of the most common types of toning that can be found from the mint bag examples. It displays the shape of a crescent moon along the surface edge of the coin. This crescent pattern comes as a result of another coin being rested on top of the toned coin, which blocks the covered side from being toned. Though many examples can be found, those with only a minimal amount of obstruction are highly popular among collectors.
Multiple Crescents
Similar to the crescent toning, the multiple crescent is a type of toned coin having multiple crescent patterns as a result of having more than one coin resting on top of the toned coin. These examples are scarcer than the regular crescent and examples with toning on the obverse tend to amount to higher premiums. Though most examples are found in two crescents, some examples with more than three or more crescents can also be found.
Consecutive Crescents
The consecutive crescents are the types of coin that display multiple consecutive crescent patterns which result from a second coin shifting at various points during the toning process. It is caused by successive crescents forming as new uncovered areas of the coin that was initially covered, became exposed to toning.
Crescent-Textile Combo
One of the rare types of toning as these examples display both the crescent and textile patterns of toning created by a second coin resting on top of the toned coin and the mint bag fabric being pressed at the same time. Examples are known to be quite rare with only very few known to exist.
Cat's Eye
The cat’s eye toning is formed with an eye shape where the inverted arcs overlap each other. These are formed when one coin forms a crescent pattern on top of the toned coin and another coin is placed on top of the toned coin with the in place of the initial coin on top as a result of movement or addition of another coin on the opposite side of the toned coin.
Horseshoe
This type of toning is one similar to the crescent pattern but displays a horseshoe-like shape of toning. Such patterns are formed by the fabric of the bag sitting closer to the coin at the center of its surface while the rim of the coin is sitting at an angle against the bag. As a result, the center of the coin forms the horseshoe pattern causing the toning to occur above it.
Variegated
Variegated coins are known to lack any particular type of pattern or color. However, they are known to exhibit an array of wild colors by being in contact with compressed folds in a bank bag. Examples with vibrant colors are tough to find and only a few examples that exist are known to showcase remarkable colors.
Thread/Seam
Examples of the thread/seam toning display imprints of one or more threads on the surface of the coin. They formed as a result of bank bags being stitched along two sides creating an area where the coin could form the pattern. Examples can display a combination of other tonings such as the crescent or variegated and only a handful of examples are known.
Prooflike
During the beginning of production, the first few coins that were struck displayed highly reflective mirrors in the fields. Some of these were stored in tissue paper, very much like proof examples. The tissue paper containing trace sulfur resulted in developing toning. These examples exhibited stunning and captivating toning. The prooflike mirror of these examples significantly enhance the color of the coin and they are known to be rare as only a few exist.
Deep Mirror Prooflike
Near-Monochromatic
Near-monochromatic coins are primarily toned in one color but also display hints of other colors. Though sometimes called polychromatic toners, the meaning of polychromatic is the presence of multiple colors and thus can be used to describe any coin with multiple colors.
Monochromatic Toning
Monochromatic toning refers to a type of toning where a coin's entire surface is covered with uniform color. The specific color can vary based on factors such as the duration of exposure to trace sulfur and its amount, the storage method such as a bag, envelope, etc. and the level of humidity during the toning process. Monochromatic toning includes several subcategories:
Fireball Toning:
Fireball toning is a rare and one of the highly popular types of monochromatic toning. Coins generally exhibit a vibrant magenta, which is at times combined with a fiery-like orange color that covers the entire surface of the coin. Precise conditions of humidity are required for the coin to result in such toning making only a few examples known to exist. Fireball-toned coins are truly captivating, with only a few obverse-toned specimens known to exist out of the few.
Blueberry Toning:
Blueberry-toned coins feature a beautiful blue color which is typically the dominant color on the surfaces. While these coins primarily exhibit blue toning, they occasionally display hints of burgundy or red hues depending on the stage of the toning process. Blueberry-toned coins are considered popular among collectors, with some showcasing a deep third-cycle blue hue when combined with exceptional luster.
Cyan Toning:
Cyan monochromatic toners are seldom known to collectors, even to those that have been around for a long time. Examples are characterized by a blend of blue and green toning. These coins are exceptionally rare and often feature hints of magenta toning around the edges of the profile, date, and stars of the coin. The specific color of cyan can vary depending on the coin, either towards a more blue toning or green toning. Either way, they are both remarkable and have a unique visual appeal.
Greenie toning is known to be relatively scarce and also a highly popular form of monochromatic toning. Examples of these coins exhibit a lush emerald-green or forest-green color which covers the entire surface. This amazing green toning requires specific humidity levels during storage for it to develop its colors. Hence, examples of such coins are challenging to find.
Pricing Toned Morgan Dollars
The valuation of toned Morgan Dollars is highly subjective, as the preferences for specific colors and patterns can vary significantly depending on the collector. However, the auction market can be used as a primary indicator of a toned Morgan's value. The value is primarily based on its overall visual appeal. Below is a general pricing guideline for toned Morgans of different quality levels, assuming they are common-date coins:
- Low-end: $50 - $100
- Low-mid: $75 - $175
- Mid-end: $150 - $300
- Mid-high: $300 - $1,000
- High-end: $1,000 - $5,000
- Monster: $5,000 - $40,000
- Godzilla: $40,000 and beyond (typically for MS67 or MS68 graded examples)
Please note that Godzillas are typically reserved for the highest-graded and most exceptional toned Morgans, although lower-grade examples can also command high prices based on their unique appeal.
Famous Bank Bag Hoards Containing Toned Morgans
While toned Morgan Dollars are relatively rare, several notable hoards of unopened U.S. Treasury bank bags containing these coins have been discovered over the years. These hoards often hold Morgans with exceptional toning and provenance. Below are some examples of famous hoards:
Battle Creek Collection:
The Battle Creek Collection became renowned for its remarkable quantity and quality of toned Morgan Dollars. It consisted of 10,000 Morgans stored in ten U.S. Treasury bags, primarily from the years 1885, 1886, and 1887. When these coins were released, they came to the surprise of collectors and numismatics with over 1,000 beautifully toned examples found. These coins received the "Battle Creek Collection" pedigree when certified by NGC, with many also receiving star designations for their exceptional eye appeal. The collection was sold in a series of auctions in 2005 and 2006 with many being sold for astonishing amounts even for a common date coin.
Continental-Illinois Bank Hoard:
The Continental-Illinois Bank Hoard is known to be one of the largest hoards of Morgan Dollars ever discovered. It contained around 1.5 million Morgan Dollar pieces, dated from the late 19th century, and was acquired by Ed Milas of Rarcoa. The hoard included a significant number of beautifully toned examples, including the 80-S, 81-S, and 82-S coins. Some of them were offered in auctions and brought about record-breaking prices for toned Morgan Dollars.
General Services Administration (GSA) Hoard:
The General Services Administration Hoard, otherwise known as the GSA Hoard, was a collection of Morgan Dollars that were released by the U.S. Treasury in the 1970s and early 1980s. They mainly consisted of Carson City (CC) minted examples of Morgan Dollars. These coins were placed in holders and offered to the public in several sales. Among the GSA Hoard, there were numerous toned examples, which added to the hoard's appeal. Some of these coins received the "Carson City Silver Dollar" designation.
Pedigrees and Provenance:
Toned Morgan Dollars are known to often have rich pedigrees and provenance that highlight their unique histories and backgrounds. These pedigrees are recorded on coin holders by major grading companies such as PCGS and NGC. Some well-known pedigrees for toned Morgans include "Aurora Borealis," "Sunnywood/Simpson," "Battle Creek Collection," and "Northern Lights Collection." Additionally, legendary collectors and dealers like Lloyd Cowle, Brian Sonnier, and Ron Sirna have played significant roles in the toned Morgan market. Understanding a coin's pedigree and provenance adds more value and historical significance to it and to collectors.
Source: