These two hair colors can produce three basic coat colors for the horse:
Bay
Bay horses range from light reddish brown to a dark, rich brown with black “points”. Points are the horses mane, tail and lower legs.
Chestnut
Chestnut horses have a reddish brown coat with no black. The mane and tail are same (or lighter) shade of reddish brown as the horse’s coat.
Black:
The horse’s coat is black as well as the mane and tail. Some black horses do “fade” in the sun to a dark brown.
Common Colors
Bay
Chestnut
Sorrel
Black
Palomino
Buckskin
Dun
Grey
Roan
Pinto/Paint
White