Holed Coins : How Much Does It Lower The Value

For modern coins, I would say that it drops to the value of a coin at least 2 grades lower, often quite a bit more. probably a minimum of 25%. Very few people want a holed coin at any price.

I agree when it comes to more modern coins a hole would reduce its value more than 50% unless it was very very rare and very cheap...
But I think Ron has 'hit the nail on the head', pun intended, when it comes to ancients it really does depend on where and when it was made. If it can be determined that the hole was made around the time of the coin being in circulation or a couple of hundred years later, this for me gives the coin some character and maybe reduces the value 15% or so....You'll find many Islamic gold and silver coins with punch holes as they were used by the women to decorate themselves especially belly dancers for example. As for Greek coins I wouldn't think it would reduce the value 50% or more unless it ran straight throught the centre and destroyed all the beauty of the coin. But I may be wrong and will be interested in what others have to say.

Paul

with Ron that holes can often provide character.

I wouldn't want to drop big bucks on a holed coin unless it was very rare, but I have come to appreciate how ancients can show us how people used coins 1500+ years ago, and not just to buy a loaf of bread!

One of my favorite coins "ruined" by holes is a denarius of Domitian with the she-wolf reverse. It was clearly circulated, but someone liked it enough to transform it into a necklace pendant. I haven't really considered selling it, but I have honestly no idea what it would fetch if I were to put it on ebay tomorrow.

Along the same vein, arguably the most coveted of all ancient coins is Brutus' EID MAR denarius, struck to defend and celebrate the group decision to murder Rome's first "Perpetual Dictator". An extremely small number (like 3-5?) Aureii were struck from the same dies, one of which was holed for suspension as jewelry--and not entirely out of the realm of reason that the wearer was one of Caesar's assassins, or even Brutus himself! I probably wouldn't hesitate to drop the same amount of cash on that coin... you know, if I had an extra million bucks laying around!

Interesting discussion. I appreciate all of your posts.

Decided to hunt down the images of my Domitian necklace denarius:




Note that the metal is deformed on the obverse, indicating that the nails were driven through from the reverse. I am still amazed that Domitian's nose wasn't removed in the process!

As for value, here is a recent find from a job lot I am preparing to sell on ebay. I had another roughly comparable follis of the same emperor and reverse type... we'll see how it impacts the final sale price!

Constantius I Chlorus, father of Constantine
Reverse: Moneta holding scales and cornucopiae
Ticinium mint



Not sure whether this one was holed for a pendant, or nailed to something--I have heard this was sometimes done to make an offering at a temple. It certainly did not circulate much before being holed!

Some of mine



Anyone have theories about the double holed coins ?
Holes are different size