My Exploration into Why People Put Holes in Coins

I’ve always been fascinated by holed coins ever since I found a few in my great uncle’s collection, like that worn 1808 US Half. It got me wondering: why would someone deliberately punch a hole through good money? Was it superstition, necessity, or just plain creativity? After years of poking around in old records and handling hundreds of these coins myself, I’ve pieced together some answers that might surprise fellow collectors.

Common Reasons for Holing Coins

Turns out people punched holes in coins for all sorts of everyday reasons across different eras. Here’s what I’ve gathered from talking with old-timers and examining collections:

• Worn as Jewelry: When coins represented real money but fancy jewelry was scarce, folks often turned them into pendants. I’ve seen so many capped bust halves drilled for necklaces – imagine wearing a half day’s wages around your neck in the 1820s!
• Preventing Loss: On the frontier or during travel, people would thread coins onto cords and pin them to clothes. Losing a coin while fording rivers or riding horseback meant losing actual food money when wages were just $1 a day.
• Identification Tags: Miners in coal and gold country wore holed coins stamped with numbers around their necks – a grim but practical safety measure to identify bodies after accidents.
• Practical Tools: I’ve come across large cents with neat holes used as washers in machinery. Early Americans were nothing if not thrifty with their coinage.
• Superstition and Protection: Some holed coins served as charms against sickness. There’s a story about King James I sovereigns worn during plague outbreaks that still gives me chills.
• Political Statements: Ever seen a coin nailed to a barn beam? In places like upstate New York, folks used square nails through coins to show allegiance, leaving permanent political graffiti.

Historical Context and Collecting Insights

When you realize how precious every cent was in the 1800s, holed coins make perfect sense. They’re little time capsules of human ingenuity. Over the years, I’ve picked up some useful tips for collectors:

• Search around old home sites or mining camps where coins were part of daily life – you’d be amazed what turns up near forgotten cellar holes.
• Study the hole’s edges. Worn, smooth openings suggest genuine historical use rather than recent damage.
• Watch out for suspiciously fresh holes – some folks try to pass off damaged coins as “historic” holed pieces.
• Remember each hole tells a story. That’s why I keep my great uncle’s holed half dollar front and center in my collection.

Market Observations and Grading Tips

Yes, holes usually lower a coin’s value, but they also create unique collecting opportunities. I’ve watched niche collectors pay surprising premiums for coins with great stories. When examining holed coins:

• Note hole placement – centered holes often meant mechanical use, while off-center suggests jewelry
• Check for rust or metal stress around the hole that might worsen over time
• Jewelry coins usually show even wear, while tool coins might have telltale scratches

Tracking down the stories behind holed coins has become one of my favorite parts of collecting. Next time you find one, don’t just see damage – see a miner’s worry, a frontiersman’s practicality, or a parent’s protective love. That’s real history in your palm.