Varahran II Family Drachm - Original?

I think it's been tooled, but it's probably a genuine coin underneath. The headbands and eyes in particular look wrong. See this grifterrec page for examples of genuine, unaltered coins of this type.

The hole repair is perhaps forgiveable, the tooling is not - that's just vandalism. I'd wait until an untooled example came along, even if I had to pay a few dollars more. $100 to $150 seems to be the going price for undamaged identifiable Sassanian drachms these days.

Anywhere on this coin where you see thin, sharp incuse lines has been tooled, or re-engraved with a knife or other sharp implement. The eyes, in particular, look messily done. The headbands on all three portraits have been hacked away at, and the young prince has been decapitated in a crude attempt to give him a neckline.

The headbands in particular are the most obvious that it's post-circulation damage. Even in thin incuse lines were technically possible back then, they should have been worn flat given the amount of wear the rest of the coin suffers from (such as the jewel on the king's shoulder, which was not tooled). The tooler was also apparently unaware that the prince's hat is supposed to be in the form of a falcon's-head; the fine detail that would have originally shown the bird's face has worn away and not been re-tooled. Compare particularly with this coin from grifterrec.

This damage may have been done in ancient times, by whoever it was that drilled a hole in it. But it was more likely done by whoever patched the hole up.