Arguments For And Against Toners, And Maybe A Way To Value Them

I disagree. The value should be determined by the market since it is very subjective. That being said, toning should not affect the technical grade (negatively or positively).

The thing is, a lot of the other stuff was subjective (and still is, at times—see the Indian cent I have in the "grading" forum—it's a VERY nice coin but has a really big gash on the figure's cheek). Having some guidelines helps sellers AND buyers get a sense of the REAL market value of the coin (what other coins in that grade with similar toning have gone for). In fact, there is still a lot of leeway within a particular grade's range. One 63 can be a really beautiful coin with some marks that don't really detract that much, and another can have distracting chatter on the devices. So the coins are still ;ole;u to go for different prices. By "grading" the toning as well, it just helps put a little structure over it. Which is clearly lacking, given a Morgan that without toning would have been valued in the 200's just sold for over $32K . I guess if someone's really willing to part with that kind of money nothing will stop them, but again, a little structure might help everyone else make more sensible sales and purchases.

Beauty is in the eye of the beholder.
Some prefer toned or patinated coins, some don't.

The best way to get the highest price for a toned coins is to auction them, either by public auction (for higher value coins), or on ebay (for lower value coins).

Personally I love toned Morgans and am trying to build a collection of these over time. Toning on other coins can look nice too, but it's not something I pay much attention to.

I don't think I can consistently tell the difference between a coin that has toned over many years and an artificial toned coin. Sometimes it is quite obvious, but other times it is quite difficult. A couple of rules I try to stick to are not to buy a toned coin without it being slabbed by a reputable grader and not to pay a premium for the toning. This means that I will take a pass on many beautiful coins, but there are still a lot available that fit my rules, it just requires patience.

Welcome to the world of "market grading." When I argue that point with fellow collectors I'm almost immediately shouted down. TPGs should not attempt to set price. That sure seems like what they're doing (to the uninitiated as alluded to by @scopru.) Eye appeal is subjective. One grader likes toning - the grade eases up. The next one doesn't - the grade eases down.

Maybe they should have different pathways through the TPGs for toned / untoned coins. You check the box.

No, I think they're being quite clear in that some coins are and some aren't. The line is quite clear really. Does the toning eat away mint luster, or is it eating into the surfaces? If toning is doing neither, and is stable and merely "on" the surface, than it is not damage.