When I first saw this one, I thought what a shame someone drilled a hole in it even though I could imagine someones wife or girlfriend wearing it around their neck. Then I turned it over. Pretty cool looking, but I would have rather had the coin.
This is a love token. There is brisk collector demand for such items, although the hole does reduce the value quite a bit. It is definitely worth more than scrap value.
Value of love tokens depends on such things as the coin denomination, how elaborate the engraved inscription is, etc.
Holed 19th century small silver (and even gold coins) are quite common; they were used for jewelry purposes. Also common to find small silver and gold coins with hard soldered on small metal loops for suspension.
I have about 20 or so U.S. and British small silver coins that are holed. They are really worth only silver value, and that is the price at which I bought them for.
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