in hand the is an exact discrption the star points are just starting to go flat so it has to be between here VG8 Very Good - Outline of shield defined. Legend and date clear. F12 Fine - Only star points worn smooth. Read more: http://www.cointalk.com/t227484-2/#ixzz2SZaFhjuW
Am I the only one who thinks it's funny people are saying "grade so and so without the hole"? It has a frakin' hole in it. It's a nice historical piece but it has no grade. Slabbers call it genuine and that's it.
Because "details" grades DO establish value. A rare coin with a details grade of AU is going to sell for more than one with a details grade of G, hole or no hole. The difference between G and VG isn't going to make a difference with this coin, but if it detailed at MS it would.
Using the PCGS Photograde App available on iPhone, I would grade this as VG8 or VG10, assuming the hole is not there. The rims are in good shape and date, stars and crescent are too. Definitely not a F12 in my opinion due to the worn date and lack of detail on the star. Hold onto it for years and then try to sell it in a garage sale for way more than its worth.
I would grade it somewhere between HOLE-Y and AU (About Ungradeable)... Seriously though, unless your talking about a coin that has EXTREMELY HIGH ABSOLUTE RARITY (Say an 1804 Dollar or a 1913 Liberty Head Nickel), a hole in a coin is about as useful as a hole in your head.
On the other hand, if it is the only one you have, or the first one you have, it is natural to frakin' want to know what it WOULD have graded without the hole.