Toned coins are the result of a chemical process that reacts with the surface metal of a coin. Although any coin can tone, silver and copper coins are most susceptible to the toning process. United States Gold coins, on the other hand, are the least susceptible. However, these gold coins can still take on subtle shades of toning as they get older.
Toning occurs naturally over time. It is primarily the result of oxygen and/or sulfur reacting with the coin's metal. However, the toning process can be accelerated by heat, moisture, and various chemicals in the environment. Some of the most harmful chemicals to coins can be found in cheap coin holders and coin folders.
Sometimes rainbow-style colors appear in the toning of silver, which can really add to value. Gold – Bright yellow to orange. Sometimes a reddish color. Unfortunately, just as toning happens naturally with coins, it can also be mimicked artificially by "coin doctors". (Think of coin doctors as forgers.)
In order to identify an unslabbed or "raw" coin as artificially toned, it's important to understand the toning characteristics of the coin's metal - copper coins tone differently than silver coins, and silver coins differently than gold coins.
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