The Puccini Complete Collection of Toned Morgan Dollars showed that the market for rainbow-toned dollars remains buoyant.

The collector, Dennis Dunn, said in the introduction that he thought this set would be an “impossible dream” after assembling a collection of Morgan dollars previously that had been untoned, and “blast-white.” The collection’s name comes from the collector’s dog, Puccini, named after his and his wife’s favorite composer. The collection ultimately totaled 488 coins, nearly all in Mint State grades, and Dunn said, “I think it is very likely that this is the first truly complete, toned Morgan dollar collection ever assembled, which includes all 21 major varieties.”

The collector was inspired by several collections of rainbow toned Morgan dollars that have entered the marketplace in recent years, including the Northern Lights Collection, which was offered by Legend Rare Coin Auctions. One coin from that set was a particular standout also in the Puccini collection: an 1881-S Morgan dollar graded MS-66+ by Professional Coin Grading Service with a green Certified Acceptance Corp. sticker that sold for $21,600 at Heritage’s Sept. 12 session.    

Dunn said, “One thing I learned at the very outset of this ambitious enterprise was the fact that coins with lovely toning (even the ‘rainbow’ type) on the REVERSE side did not bring nearly as much at auction as coins with the same toning on the OBVERSE side.” He added, “It even struck me as an affront to our nation’s warlike eagle on the reverse of the coins.” Thinking that the gap between obverse and reverse toning might shrink over time led him to work on completing two sets: one with beautiful obverse toning and the other focused on reverse toning.

Along with the 1881-S coin, the 1880-S Morgan dollar was beautifully produced, and many examples survive in top grades. Dunn’s reverse-toned 1880-S dollar, graded MS-68 by PCGS, was placed reverse-up in its slab. Heritage said, “this piece stands apart from its peers with vivid reverse toning, including shades of emerald-green, rose-red, and gold,” while the obverse had gentle ivory color.  It realized $4,800, around $1,000 more than a brilliant or lightly toned example might realize.

Dunn was determined to find a beautifully toned 1888-O “Scarface” dollar, and his example, with gold and light blue border toning and champagne interiors on both sides, sold for $7,800.

Dunn concluded his introduction by referencing his faith, stating, “Just as colored gemstones can be thought of as the wildflowers of the Mineral Kingdom, beautifully toned coins should be considered the wildflowers of the numismatic universe,” adding, “I personally believe all beauty in the universe to be the handiwork of Almighty God.”

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