Holt0222
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It is toning of the silver. Many are faked using chemicals and even electrical current. For those that are real, they can fetch a hefty premium. The question is what is real? As a general rule, the more pronounced the rainbow, the more likely that it was manipulated/accelerated unnaturally.
Toning occurs naturally due to a reaction with the silver and environmental conditions. It was common that coins were stored in small manilla envelopes. These envelopes have a high sulfur content. If a coin is left in the envelope for a long period of time, the sulfur will react with the silver imparting a golden tone. That is just one example of how it occurs. Heat, Humidity, atmospheric impurities, storage, and environmental impurities can contribute to toning.
Some sellers will try to duplicate the process, but don't want to wait so they have to resort to using chemical solvents and other means to create the same effect. It is buyer beware. If it doesn't look right, then stay away.
P.S. Toning is not restricted to just silver planchets and even clad coins can tone. With clad, it is very rare to see rainbow toning. If toning does occur, it is likely to be a blue-hue to the toning. Whether it is residual solvents from the minting process along with storage/environmental factors, I'm not sure anyone will say for sure. Personally, I've had some beautiful clad dimes that were slabbed. Over time and I suspect elevated heat, they turned a beautiful blue tone. Sealed in the slab, one would expect it is immune from environmental impurities, but I suspect that the storage along with residual solvents from the minting process contributed to the toning. When I moved from PA to FL, I drove my Jeep with my coin collection stored inside and put the vehicle in storage. These outside storage units along with being locked in the Jeep, it had to been like an oven. After 2 months in storage, I moved the Jeep out of storage when I closed on my house. I didn't inspect every single coin, but rather moved them into the safe. After 15 years, I began clearing out the safe and selling some of the common stuff. A number of coins (nickels and dimes mostly) had turned varying shades blue. The three slabbed dimes are a steely-blue. I've had a roll of proof nickels and a few had toned while the majority were unchanged so it really is a hit or miss.