Some toned Morgan’s from the FUN show. You can find us at booth 563! Toning on Morgan dollars occurs due to a natural chemical reaction between the silver in the coin and sulfur or other reactive compounds in the environment. Over time, exposure to materials like coin albums, paper, or wooden storage boxes—many of which contain sulfur—causes a thin layer of tarnish to form on the coin’s surface. This tarnish interacts with light, creating the vibrant colors often seen in toned Morgan dollars, ra