Holed Coins: Understanding the Value of Coins with Holes in Them

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According to CoinWeek, ancient coins were sometimes pierced to be worn as ornaments or amulets, or to be attached to garments and weapons. These historical practices can provide context when evaluating a holed coin’s value.

1. Officially Minted Holed Coins

Some countries officially produce coins with holes as part of their design. These coins, often called “ring coins,” have holes created during the minting process.

Examples include:

• Japanese 5 and 50 yen coins
• Chinese cash coins with square centers
• Danish 1, 2, and 5 krone coins (1992-2008)
• Polish 5 groszy (1923-1939)

For these coins, the hole is an intended feature, not damage, and doesn’t reduce value.

2. Ancient and Historical Pierced Coins

Ancient coins with holes often have significant historical and archaeological value. The hole may represent:

• Religious or votive use
• Jewelry conversion
• Political statements (demonetization)
• Decorative purposes

According to discussions on Forum Ancient Coins, collectors of ancient coins are generally more accepting of holes, and the value reduction is less severe than with modern coins.

3. Modern Damaged Coins

Modern coins (generally post-1700) with holes drilled by individuals are typically considered damaged. The value reduction can be substantial, especially for collectible or rare specimens.

General Value Reduction Percentages

According to expert discussions on NGC Coin, modern coins with holes typically experience a value reduction of:

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Professional Grading Considerations

Professional grading services like NGC and PCGS typically won’t assign a numeric grade to holed coins. Instead, they use qualifiers:

• “Holed” or “Pierced” - indicates the coin has a hole
• “Details Grade” - describes the coin’s condition had it not been damaged
• “Genuine” - verifies authenticity despite the damage

As noted on the NGC Details Grading page, “Many coins have surface conditions that preclude numeric grading from NGC. Coins that have been improperly cleaned, are holed, have scratches or certain other issues cannot be assigned a numeric grade from 1 to 70.”

Exceptions to Value Reduction

Some holed coins may maintain significant value or even command a premium:

1. Extremely Rare Coins: A 1794 Flowing Hair dollar with a hole will still be valuable due to extreme rarity
2. Historical Significance: Coins with documented provenance or historical importance
3. Specialized Collections: Some collectors specifically seek holed coins for thematic collections
4. Artistic Modifications: Skillfully modified love tokens or “hobo nickels”

Specialized Collecting Areas

1. Type Collections with Holed Coins Some collectors create “holed type sets” featuring one example of each coin type with a hole, often at a significant discount compared to undamaged specimens.

2. Love Token Collections Collectors of love tokens specifically seek coins that have been modified with holes and engravings. For these pieces, the hole is an expected feature.

3. Ancient Coin Collectors Many ancient coin enthusiasts accept or even prefer coins showing evidence of historical use, including mounting holes.

4. Ethnographic/Cultural Collectors Those interested in how coins were used in different cultures often collect examples of holed coins used as jewelry, talismans, or status symbols.

5. Budget Collectors Hobbyists with limited budgets sometimes build collections of holed rare coins that would otherwise be unaffordable.

According to one collector on Collectors Universe, “There are guys here that collect holed coins. I’ve seen holed 7070 type sets.” This demonstrates that specialized collectors do exist for these items.

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For Buyers

1. Research Historical Context: Determine if the hole might be period-appropriate or historically significant
2. Examine the Hole Carefully: Check if it’s cleanly drilled, punched, or crudely made
3. Consider the Full Package: Assess overall condition, toning, and appearance beyond just the hole
4. Set Reasonable Price Expectations: For modern coins, expect at least a 35-40% discount from undamaged examples
5. Look for Specialized Sales: Some auction houses and dealers have dedicated sections for damaged or holed coins

As one collector advised on Coin Talk, “Usually a coin with a hole will sell for a small fraction of what an undamaged example will sell for unless it is a love token.”

For Sellers

1. Target the Right Market: Identify collectors who specialize in holed coins
2. Provide Historical Context: If known, explain when and why the hole was made
3. Be Realistic About Pricing: Price according to the guidelines above, not standard price guides
4. Highlight Rarity: For scarce coins, emphasize that it’s an affordable way to own a rare piece
5. Consider Metal Value: For common coins, the precious metal content may determine the minimum value

On Reddit, one collector noted: “It will always be worth its silver content regardless of condition. But yes, a hole vastly reduces its numismatic value. Condition is everything with coins.”

Yes, coins with holes still have value, though typically less than undamaged specimens. The value depends on several factors:

The coin’s rarity and historical significance
When and why the hole was made
The overall condition aside from the hole
The specific collector market

Modern coins with holes usually retain 20-65% of their undamaged value, while ancient coins with period-authentic holes may retain 70-90% of their value. At minimum, precious metal coins will always be worth their melt value regardless of holes.

Ancient coins frequently have holes for several historical reasons:

Ceremonial/Religious Purpose: Many were pierced to be worn as amulets or talismans
Decorative Use: Coins were converted into jewelry items (necklaces, bracelets)
Practical Transportation: Holes allowed coins to be strung together for easier carrying
Demonetization: Some authorities pierced coins to remove them from circulation
Votive Offerings: Holed coins were nailed to sacred trees or posts as offerings

Because these modifications were common in antiquity, collectors of ancient coins are generally more accepting of holed specimens than collectors of modern coins.

Major grading services like NGC and PCGS will authenticate and encapsulate holed coins, but they typically won't assign them a numeric grade on the 1-70 scale. Instead, they use a "details" designation:

The holder will indicate "Holed" or "Pierced" as the specific damage
They may assign a "details grade" indicating what the grade might have been without the damage
The coin will still be authenticated and protected in the holder

Some specialized third-party grading services may have different policies for certain historical coins where holes are period-appropriate.

Several countries have produced coins with intentional holes as part of their official design:

Japan: 5 yen and 50 yen coins
China: Traditional cash coins with square holes (used for centuries)
Denmark: 1, 2, and 5 krone coins (1992-2008)
Poland: 5 groszy coins (1923-1939)
Spain: 25 pesetas (1990-2001)
Portugal: Various commemorative issues
Various British Commonwealth nations: Special commemorative issues

These officially holed coins should not be considered damaged, and the hole does not reduce their value.

The impact of a hole varies based on its size and position:
Size Impact:

Small, neat holes (1-2mm) typically cause less value reduction
Large or irregular holes can reduce value by 60-80%

Position Impact:

Central holes generally cause more significant value reduction
Peripheral holes that don’t affect major design elements may reduce value less
Holes through key design elements (like a portrait) typically cause the most significant devaluation

A small, neat hole near the edge of a coin will generally have less impact on value than a large, irregular hole through the center or main design elements.

Yes, love tokens (coins that have been smoothed on one or both sides and engraved with names, dates, or sentiments) often maintain higher value despite having holes. This is because:

The hole is an expected part of the love token tradition, as many were worn as jewelry
Love tokens are collected for their sentimental and artistic value, not as regular coins
They represent a specific folk art tradition and historical practice

A well-executed love token with attractive engraving, especially those with dates and names or interesting imagery, can sell for $50-$300 or more, regardless of having a hole. This is often significantly more than what the same coin would be worth if it simply had a hole without the love token modifications.

No, repairing or plugging a hole in a coin is strongly discouraged for several reasons:

Ethical Concerns: It’s considered deceptive to hide damage
Value Impact: Repaired coins are typically worth less than coins with original damage
Detection Risk: Professional grading services can usually detect repairs
Historical Context: For ancient coins, the hole may have historical significance

Major grading services will designate repaired coins as "tooled," "plugged," or "altered," which often results in even lower market value than simply having the original hole. The numismatic community generally values honesty and original condition, even with damage.

The value of holed coins exists on a spectrum, influenced by numerous factors including age, rarity, and the nature of the hole itself. For modern collectors, holed coins offer an accessible entry point to rare numismatic specimens that might otherwise be unaffordable. For historians and archaeologists, these modifications provide valuable insights into how coins functioned beyond their monetary role.

Whether you’ve inherited holed coins, discovered them while metal detecting, or are considering adding them to your collection, remember that their value goes beyond simple price guides. Each coin tells a story—sometimes the hole is part of that story, adding rather than detracting from the coin’s historical significance.

If you’re looking to buy or sell holed coins, consult with specialized dealers who understand their unique market, or consider auction houses that regularly handle damaged but historically significant numismatic items.

Information on how damaged coins are graded by Numismatic Guaranty Company, including holed specimens.

CoinWeek's comprehensive article exploring the historical significance of holes in ancient coins.

A specialized reference gallery showing examples of ancient coins with holes and their historical context.

Collector discussions about the value and collectibility of holed coins from various eras.

Forum discussions among collectors about specific value reductions for holed coins across different categories.

International collector perspectives on grading and valuing coins with holes from various time periods.

By understanding the nuanced world of holed coins, you can make more informed decisions about their value and place in the numismatic landscape. Whether they represent damage or history depends greatly on context—and sometimes, that little hole carries a story worth far more than the coin’s weight in precious metal.

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