What Should I Look For?

1. Go to the local coin shop
2. Ask to see the junk bin
3. Cherrypick all coins worth a premium
4. Resell for profit

I found a page on toned coins. Seems informative, and suggests some of what I'd read is untrue. Any opinions? http://www.jhonecash.com/coins/tonedmorgans.asp

This is just for educational purposes. As you guys say I'm too new to be buying un slabbed coins just for the toning. But just to see whether I'm learning anything. What do you guys think of this coin? Is the toning natural? Based on the luster, level of wear, and contact marks on the devices and fields, what would you grade this?

Putting my fledgling neck out, I'd say probably natural. While there appears to be good luster and little wear on the devices, there are quite a lot of heavy contact marks on Liberty's face and the obverse fields, so I'd grade it no higher than MS 60, maybe high AU. Feel free to tell me I've completely missed the boat--I'm way too new to this to be the least bit surprised if I'm making dumb mistakes.

http://www.ebay.com/itm/1921-P-BU-M...AOSwdIFX1Lat

Thanks! I wouldn't have bought the coin at that price even if I was sure it was natural, but it's good to know I'm still way too early on the learning curve to be making the call.

Funny thing, I had looked at a few other coins (didn't see the Peace dollar) and in one case I did doubt that the toning was natural (bright neon, with sharp breaks between colors), but this one seemed to fit what the article I posted earlier said to look for in natural toning (variations between high and low points on the devices, continuum of color scale, etc.).

What makes you believe it was heat? Also that he's playing with angles (I wouldn't have thought that since you can see so many contact marks)?

I appreciate the lesson!

When I looked at the coin, I could not figure out how the coin could tone natural with the color pattern. When silver gets heated, it will often display a purple color and coin doctors use heat to advance the toning.

Here is the AT neon rainbow Peace dollar.
302112221447

Darn! Those pretty Easter egg colors aren't legit?

Another thing I noticed about the coin I posted that led me to believe it was natural was pull away. Based on the article, while it can happen on AT coins, it's rare.

I saw what looked to me like pull away around some of the stars, letters, and the back of the cap. So much I know.

Examining the couple toned, slabbed coins I have, I don't see ANY pull away. I'm going to assume the toning is legit, tho, just because they're graded. Not likely I know more than PCGS and NGC at this point!

Thanks again for sharing your info!!