Really it depends on what you wish to model freight or passenger and what year. The black version was primarily used on freight and excursion from 1939 to present, while the two-toned grey was used primarily on passenger services like the "Portland Rose" between 1939-1956. So in other words it's up to you. I personally have a FEF and Challenger in two-toned grey with yellow stripe, both MTH Railking Imperial and I love them both.