This coin is an 1878 Morgan Dollar from the Philadelphia Mint in ANACS Certified MS61 condition with the 7 over 8 Tailfeather strike (also known as VAM 38)
The Toning on this coin is what we call a 'Rainbow Rim' and is visible on both the Obverse and the Reverse of the coin
Just What is a ‘Toned’ Morgan or Peace Silver Dollar And How Does it Happen?
Toned Morgan & Peace Dollars are truly a unique collecting experience, because they are truly the result of happy accidents! When these Silver Dollars were first produced they were stored by both the Mint, Treasury, and Banks in large Canvas bags that were treated with trace amounts of Sulfur to keep rats from eating into them in search of food! The Sulphur in these bags reacted with the coins it was in contact with and created a thin layer of Silver-Sulfide film, which when struck by light products the incredible range of colors you see in Toned Morgans!
But that was not the only way they were created! Back in the day, most paper, cardboard, plastic, and other forms of packaging used by collectors also contained trace amounts of sulfur. This meant that some collectors would store away beautiful uncirculated Silver Dollars only to find these rainbow-colored beauties in their own collections just a few years later!
Due to the random nature of this Silver-Sulfide film appearing on these coins, no two coins will ever look exactly alike! That means these are truly one-of-a-kind Collecting finds!