I, like many of you, constantly see holed coins from the mid 1800's as well as other years. The common response to "why" it was done is that it was worn as jewelry. Aside from collecting coins, I enjoy old tin type photographs and have to say, I have never seen a person wearing a coin necklace. Have any of you seen them? Just curious, with so many holed coins, you would think that they would be fairly easy to find period pics of them. Just a thought/question.
I know people who wear holed coins today. They usually wear the gold or classic coins, but I've seen them. Of course, I see them at events where coins and collectibles are featured.
I'm afraid I can't help you with photos, but I have a few "love tokens" (holed and engraved coins), and some of them show noticeable wear on the engraved sides, which suggests to me that they were well worn by their recipients.
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