I've read that at one time some people threaded string/twine through the hole then used the string to tie the coins to their waist so as not to lose the money. Guess if you had holes in your pocket this would be one way of not losing the money.
I also read that a lot of civil war combatants carried coin in that manor or around their necks. It is neat to find a coin from that time period with a hole and just wonder where it had been.
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