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The hole could have been made way after 1800. Still, a dollar was a hefty amount in the early to mid-1800's.
They had the huge coin shortage 30 years later and then they eventually started minting
Seated dollars. Not a single one of these even circulated to the civil war. There also wasn't much devaluation of the dollar at all until the 20th century. I still think a rich kid did this somewhere from 1800-1820. Maybe he was from a famous family as there were so few in those days.
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It appears someone wanted to hide the last digit in the date
It almost does look that way doesn't it. Yeah, but it's not like anybody would have been fooled into thinking it's an 1804 which wasn't even realized as a rarity until much later anyway. Any scheming coin enthusiast would have known that they are taking a lot of value of a very valuable coin so I don't buy this theory.
Some kids chose to hole a coin from the year they were born. Maybe this kid wanted to hide his birth date or pretend like he was older....claiming it was an 1800 when his birthdate was really 1801