Unraveling the Mystery: Why People Put Holes in Coins

Holed coins have always caught my eye, especially since I inherited an 1808 US Half Dollar with a neat hole punched right through it. That coin sent me on a quest to uncover the reasons behind this practice, and I’ve found some fascinating stories that I think every collector will appreciate.

Common Reasons for Holing Coins

As I explored numismatic history, I realized holing coins wasn’t just random vandalism – it served practical, sentimental, and even superstitious purposes. Here are the main reasons I came across:

• Wearing as Jewelry: People often holed coins to wear them as necklaces, turning pocket change into personal treasures. Take that 1808 Half Dollar: it was worth about half a day’s pay for a laborer back then. Wearing it wasn’t just a fashion statement – it was a way to keep your money safe and close at hand.
• Preventing Loss: Out on the frontier, like in the American West, folks would string coins on leather cords to keep from dropping them while crossing rivers or riding. Losing a half dollar was no small thing – it could be a day’s wages for some!
• Practical Repurposing: Sometimes coins were holed to use as washers in machinery or tools. I’ve seen large cents with center holes that clearly show wear from such uses – a real sign of ingenuity.
• Identification in Dangerous Work: In mines, miners wore numbered coins on necklaces to keep track of who was underground. After a shift, every coin had to be accounted for to make sure no one was left behind. The wear around the hole often shows how they were used day in and day out.
• Superstitions and Protections: In some cultures, holed coins were thought to ward off evil. For example, gold sovereigns from King James I’s time were used as protection against the plague. These coins still turn up today and have a unique historical charm.
• Decorative or Symbolic Displays: Coins were sometimes nailed to doors for good luck or to make a political statement. I’ve heard stories of barns in upstate New York decorated with dated Indian cents, but finding one today is quite rare.

Historical Context and Collectible Examples

To really appreciate these coins, you have to consider the times. In the early 1800s, when a laborer might earn about a dollar a day, holing a coin was a practical way to get more use out of it. Coins like the 1808 Half or King James I sovereigns weren’t just money; they were personal talismans or expressions of belief. I’m always struck by how these altered coins capture the challenges and resourcefulness of daily life, turning ordinary pocket change into little time capsules.

Collecting Insights and Practical Advice

As a collector, I’ve discovered that holed coins can be fascinating pieces to own, but they do need some extra attention. Here’s what I’ve learned from handling them and watching the market:

• Grading Considerations: Holed coins usually grade lower and sell for less, but natural wear around the hole shows authentic use and adds character. Steer clear of coins with rough or fresh-looking holes – they could be fakes.
• Market Value: Most holed coins are worth less, but ones with a good story – like mine IDs or plague amulets – can fetch higher prices. I’ve seen holed King James I sovereigns sell at a discount, but they’re still popular because of their history.
• Spotting Fakes: Real holed coins usually have an even patina and wear. If the hole looks too clean or sharp, it might be a recent addition. Always check the edges and surfaces with a loupe.
• Collecting Strategy: Look for coins with a clear historical background – they’re great for sparking conversation. And remember, even with a hole, they connect us to the past. So, I say value the story over a flawless coin.

Looking into holed coins has shown me that coin collecting isn’t just about shiny surfaces – it’s about the stories each coin holds. Next time you see a holed coin, picture where it’s been. It might just be the most human piece in your collection.