When NateBe123 asked A Few Questions, the thread got around to damaged coins. Love Tokens are, technically, "damaged." However, they are recognized as numismatic items in their own right. Holed coins are a similar problem. Of course, a coin with a hole in it is generally not worth as much as one without. I am not alone in having more than a few. How the work was done, the hole is placed, and other details can tell you something about the intentions. I have a US Seated Half Dollar, a Spanish 1 peseta and several Dutch 1/10 guilders that all have seemingly identical holes, two on each side. My estimate is that these came from the same jewelry, a belt perhaps, and likely early 20th century or late 19th by the dates of the coins. So, these are sherds of an artifact, a different situation entirely. No, the Seated Half Dollar is not suitable for a collection of Seated Half Dollars, no matter how great the bargain price. As something else, well, it is something else. On the other hand, there is the trap of paying VF money for an XF coin with damage. Rimnicks, gouges, scratches, cleaning, and other problems are just that: problems. If you get a coin with "XF details" at the VF price, what you have is a coin that likely will not sell for VF money when you want to sell it. The coin is damaged and unattractive. I believe that many collectors are "penny wise and pound foolish." If a VF costs $58 and an XF costs $136, they will say that they "cannot afford" the better item. Yet, if you can muster up $58, getting the other $78 is only a matter of time. It is better to set aside the money, not make the purchase, save, and later buy the collectible that is worth owning. Of course, there is a reductio ad absurdem to this. Why not save for a lifetime and buy just one coin for $4.4 million? Well, obviously, this is a hobby based on acquistion, so, we do like to enjoy the ownership. All that is required is to keep to the middle of the road. I look at it from an "order of magnitude" perspective. I know what I earn per day. That is my range. If I find a lesser item for a lesser price, what would a higher price bring me?
Yes, Love Tokens was a poor choice for an example of damage. They are more correctly described "altered", and often bring a higher premium than similar original coins. I'll try to do better next time.
This goes back to a previous thread about how and what to collect. There was a thread started last night by someone who collects AG/G coins because of the history behind the wear. There are so many different combinations for collections that I think the question is, "Why are you collecting". If the artwork and appearance of the coins is what appeals to you, then obviously a damaged coin is a damaged coin and would not have a place in your collection. If you collect for the history and "I wonder where this coin has been" reasons, a holed coin can have more history and appeal than an "undamaged" piece. In my opinion, it call comes back to individual perspective and motivations.
