Interesting! I didn't know this thread existed in here
I would have to say that the author of the book referred to in this thread is quite mistaken regarding toning. As stated previously,
natural toning is a natural process and not damage. It is
artificial toning that is considered
artificial treatment or
alteration. And "beauty is in the eye of the beholder" is very true when it comes to toning. Some people think that toning is very beautiful in many cases, and will pay a premium for it. Others believe that paying a premium for toning is ridiculous and refuse to do so. Both collectors are correct in their own right. Just as some people will pay a premium for a minor variety or error, while others won't. Dependent upon the individual interested in the coin, toning is either beautiful or ugly, worth a premium or a deduction, but with regards to grading, natural toning is objectively
not damage.
Artificial toning is not truly damage neither. It is technically artificial treatment, often seen as alteration, and as such, many TPGs will not grade coins that they believe are artificially toned, while those that they believe are naturally toned are found in abundance. Technically, coins that have been artificially treated, should recieve a grade of no higher than MS63, according to ANA Grading guidelines. Furthermore, a coin should neither recieve a grade higher than an MS66 if the
original color is not apparent, according to the same guidelines.
With that in mind, it makes one wonder how PCGS could have graded a 1967 Lincoln cent as MS67 RB, when the MS67 designation
requires fully original color

This kind of grading/pricing manipulation is one reason why I have problems with (even top named) TPGs. In the same sense, neither can you possibly have an MS67+ coin of any kind (in accordance with ANA Standards) if there is any toning apparent. Toning in and of itself
requires a grade ceiling of MS66, according to ANA Grading Standards.
It is when standards like these are baltantly ignored, even by ANA members (and the ANA itself), that the market manipulation of varied players in the industry becomes apparent. And, in my opinion, it is this manipulation that becomes so apparent that leads to such witch hunts as the tone bashing that we see occur at times.
Yes, I beleive that toned coins should bring a premium
above the true and actual grade pricing in the market if the toning truly is natural and has an attractive effect. But, such toned coins should
never grade higher than MS66, and toning could very well
degrade a coin, because once toning hits a coin, it should automatically fall to the MS66 grade.
The TPGs, in my opiniopn, realizing this, have ignored this point in the ANA Grading standards, and groups of followers on both ends of the specturm have helped to promulgate two erroneous views on the subject of natural toning: 1)That toning
is damage and degrades the coin; and, 2)That toning enhances both the beauty
and the grade of the coin.
The happy medium lies just somewhere in between the two, so long as the ANA Grading Standards are adhered to.