1885 Key Dateâ liberty Head Vâ 

! It will be hard to tell what value it might have without pictures. Please post pictures and we will be able to give you a better idea.

Welcome to the CCF.

IMHO, the 1885 in the condition you describe is worth the expense of certification. This will help assure a fair price when it passes to another owner.

Now, seeing the pic, my guess as to value would be $250-$300. My rationale is that this example is more desirable than an AG but not as pleasing as an example that grades a problem-free "Good."

Oh boy, let me wipe the tears from my eyes.
This coin has value. The amount would be what a potential buyer would give. No actual range of prices can be given in advance.
As to grade, a VF to XF is reasonable. Better pictures would lead to a better assessment.
Do you own it already? Or are you thinking of buying it?
To certify it is to confirm a 'details' grade and nothing more. I myself would not do it.
A problem-free good coin is a better option.
BUT, try to find one!
Welcome to the CCF.

Anything which is not attributable to normal Mint handling or normal circulation - damage, cleaning, etc. - detracts from the value of a coin. Matthew made his comment to advise you - if the coin is not yet purchased - to look for a problem-free example even if it costs much more (as it will) rather than this one. Yes, as a key date this coin will retain value with a hole better than a more-common issue, but it becomes much less liquid in the marketplace and should it come to liquidation will be difficult to move.

How much did you pay? It's still a great coin, and very appealing to anyone who wants a nice 1885 nickel with good details for cheap :)

I'm not so sure but I think for a few bucks someone could fill the hole in. You will still know it's there. But the good thing is, the hole will be filled in.

Assuming that it's genuine, I agree with Vermontensium on this coin's worth in the market.

Bear in mind, there are always folks who will pay more money, given their perceived value. A good example of this phenomenon is the $1 silver certificate. While these can be bought for under $2, each, in average, circulated condition, they often fetch three times that at auction; this, given the perception of the note having a "silver lining" so to speak. The 1885 nickel is the key to the set, and that's its' silver lining.

Fioti ... I, too, prefer the holed XF to one in this, poor condition, but a full rim good offers more appeal to me. Comparably poor 1885's can be acquired from dealers at major shows in the $175-$200 neighborhood. The reverse on these is barely, if at all, visible. An AG with partial reverse would be around $250; this, to my experience. Again, the 1885 is THE key, and the X-factor, or perceived value often comes into play, as it does with key coins in other series.

The OP's coin could be repaired, but it would cost more than a few bucks to have it professionally done.