1858 Penny! That I Have (& Now Worthless-Why?!?!)

Back then, a penny was just a penny. It stinks, especially for a scarcer type or date, but if *all* coins were saved en masse, there would be no real premium for anything. At least it wasn't an 1856!

I'd just nail it to my front door for luck.



to the CCF!

I'm thinking if my wife caught me nailing coins to our wooden doors my luck would run out!!

In colonial and post colonial times coins were often holed so they could be kept on a string for safe keeping. Lacking a wallet , purse or pocket , a string would be the safe alternative.
I have always wanted to find a holed coin with my medal detector.

Yeah, my man already regrets teaching me how to use the drill & bits..because of the fact I started hanging up alot of things...the door idea- I think he would permanently lock up his tools! Ha but thank you guys!

Instead of posting a correction or addition, please read this CCF FAQ about editing your post the next time:
https://www.coincommunity.com/forum/faq.asp#edit

@Sherriexanne3 .... Consider the likelihood that, had your cent NOT been holed, its path in history might well have been altered, and it would never have found its way into your possession. That said, I've seen a great many coins in far worse condition than yours! Given that the hole in that 1858 cent is centered, I'd consider the possibility of giving it it to a jeweler for mounting in a ring. he could polish it and insert a birthstone or diamond.

Here are a few damaged coins from my collection that, IMHO, appear far more damaged than our OP's coin ...

Coins have long been damaged for any number of reasons; this, whether logically or illogically so. Given that the hole on our OP's 1858 cent is well-centered, I suspect that this "damage" was purposeful. I strongly suspect that it was performed by a machinist; this, perhaps in order to test the strength of a drill bit on this hard, copper-nickel coin. Or, he may simply have been testing his ability to punch a center hole?

If there was no hole on our OP's coin, I suspect it would be worth maybe $25-$30 in such low grade. Below is a high grade 1857 FE Cent that would likely be worth $150 or so without the counterstamp. I've studied this one many times without feeling ill. One of the rarest coins ever sold, the Brasher Doubloon that realized $4.5 Million, was counterstamped or "damaged" in effect.





Counterstamping sometimes increases the value of a coin and sometimes decreases the value. There are even some coins of which a hole increases the value thereof .... so-called "holey dollars." But, that's another story!