Holed Coins: Understanding the Value of Coins with Holes in Them
Discover how holes affect the value of old coins, from ancient pierced artifacts to modern damaged specimens. Learn valuation factors, collectibility, and price expectations.
By Appraisily TeamLast updated November 4, 2023
Finding an old coin with a hole in it often raises questions about its value and collectibility. Whether you’ve discovered a family heirloom or are considering adding holed coins to your collection, understanding how these modifications affect value is essential for both collectors and sellers.
<h2 class="section-header__title">
<span>The Impact of Holes on Coin Value</span>
</h2>
<div class="section-header__body">When a coin has a hole in it, the effect on its value depends on several factors including the coin’s age, rarity, the purpose of the hole, and current collector interest. Understanding these nuances can help you determine if your holed coin still holds significant value.</div>
In numismatics (the study and collection of currency), holes in coins are generally considered damage that reduces value. However, this isn’t always the case, particularly with ancient coins or those from cultures where hole-piercing was intentional and customary.
Value Impact of Holes in Coins
A summary of how holes typically impact coin values across different categories.
Category
Price
Notes
Modern Coins (Post-1700)
35-80% Reduction
Holes typically considered damage
Ancient Coins
10-30% Reduction
Holes more acceptable to collectors
Love Tokens
Minimal Impact
Holes often part of intended design
</tbody>
</table>
<h2 class="section-header__title">
<span>Historical Context of Holed Coins</span>
</h2>
<div class="section-header__body">Throughout history, coins have been deliberately holed for numerous cultural, practical, and decorative purposes. Understanding the historical context can help determine whether a hole adds to or detracts from a coin’s value.</div>
Historical Uses of Holed Coins
Ancient Times
Ceremonial and Religious Use
Coins were commonly pierced to be worn as amulets, talismans, or religious offerings. These holes were intentional and part of cultural practices.
Medieval Period
Jewelry and Adornment
Holed coins were strung together for necklaces, bracelets, and clothing decorations, especially in regions where coins represented wealth and status.
17th-19th Century
Love Tokens and Remembrance
Coins were often modified into love tokens by drilling holes and adding engravings, creating personal mementos between loved ones.
Modern Era
National Design Elements
Some countries deliberately produced coins with holes for practical reasons (like ease of carrying) or to make them distinctive.
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.
<h2 class="section-header__title">
<span>Categories of Holed Coins</span>
</h2>
<div class="section-header__body">Not all holed coins should be evaluated the same way. Different categories exist, each with unique considerations for valuation.</div>
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.
Factors Affecting Holed Coin Value
These factors influence how much a hole impacts a coin's value:
Position of the hole (center vs. edge)
Size and neatness of the hole
Quality of the coin aside from the hole
Rarity of the coin type
Historical period and context
Purpose of the hole (jewelry, love token, etc.)
<h2 class="section-header__title">
<span>Valuation Guidelines for Holed Coins</span>
</h2>
<div class="section-header__body">When determining the value of a holed coin, several guidelines can help you establish a reasonable price expectation.</div>
General Value Reduction Percentages
According to expert discussions on NGC Coin, modern coins with holes typically experience a value reduction of:
Typical Value Reduction for Holed Coins
How holes affect different types of coins
Category
Price
Notes
Common Modern Coins
60-80% reduction
Often reduced to bullion/metal value
Scarce/Key Date Coins
35-60% reduction
Rarity helps preserve some premium
Ancient Coins
10-30% reduction
Historical context makes holes more acceptable
Love Tokens/Modified Coins
0-10% reduction
Hole is part of the modification purpose
Official Holed Coins
No reduction
Hole is part of the original design
</tbody>
</table>
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:
Extremely Rare Coins: A 1794 Flowing Hair dollar with a hole will still be valuable due to extreme rarity
Historical Significance: Coins with documented provenance or historical importance
Specialized Collections: Some collectors specifically seek holed coins for thematic collections
Artistic Modifications: Skillfully modified love tokens or “hobo nickels”
<h2 class="section-header__title">
<span>Collectibility of Holed Coins</span>
</h2>
<div class="section-header__body">Despite the general devaluation, there is a dedicated market for holed coins among specialized collectors. Understanding these collecting niches can help you determine if your holed coin might have special appeal.</div>
Specialized Collecting Areas
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.
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.
Ancient Coin Collectors
Many ancient coin enthusiasts accept or even prefer coins showing evidence of historical use, including mounting holes.
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.
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.
Recent Holed Coin Auction Results
Selected sales of coins with holes
Item
Price
Date
Auction House
1795 Flowing Hair Silver Dollar (Holed)
$3,200
January 2023
Heritage Auctions
1652 Pine Tree Shilling (Period Hole)
$2,800
March 2023
Stack's Bowers
Roman Denarius of Trajan (Ancient Hole)
$175
May 2023
CNG Coins
1909-S VDB Lincoln Cent (Holed)
$240
December 2022
eBay
</tbody>
</table>
<h2 class="section-header__title">
<span>Tips for Buying and Selling Holed Coins</span>
</h2>
<div class="section-header__body">Whether you’re looking to purchase holed coins for your collection or sell ones you’ve acquired, these practical tips can help you navigate the market.</div>
For Buyers
Research Historical Context: Determine if the hole might be period-appropriate or historically significant
Examine the Hole Carefully: Check if it’s cleanly drilled, punched, or crudely made
Consider the Full Package: Assess overall condition, toning, and appearance beyond just the hole
Set Reasonable Price Expectations: For modern coins, expect at least a 35-40% discount from undamaged examples
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
Target the Right Market: Identify collectors who specialize in holed coins
Provide Historical Context: If known, explain when and why the hole was made
Be Realistic About Pricing: Price according to the guidelines above, not standard price guides
Highlight Rarity: For scarce coins, emphasize that it’s an affordable way to own a rare piece
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.”
Common Questions About Holed Coins
Are coins with holes in them worth anything?
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.
Why do some ancient coins have holes in them?
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.
Can a coin with a hole be professionally graded?
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.
Which countries officially make coins with holes?
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.
How does the size and position of a hole affect a coin's 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.
Are love tokens with holes more valuable than regular holed coins?
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.
Should I repair or plug a hole in a valuable coin?
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.
<h2 class="section-header__title">
<span>Conclusion: Valuing Your Holed Coins</span>
</h2>
<div class="section-header__body">While holes typically reduce a coin’s value, they don’t necessarily render it worthless. Understanding the historical context, market demands, and collector specialties can help you make informed decisions about buying or selling holed coins.</div>
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.
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.
