Opinions on HOLED coins?

Would you rather buy a lesser grade coin without a hole or a better grade with a hole for the same price? I like the idea of getting a coin with more details and I feel the trade of for a whole is worth it.

Or do you think holed coins are completely unacceptable?

For instance there's a seated half I like that is a CC in in better condition that other non holed coins for the same price and it made me wonder what you all think for your collections!

 

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Personally, I would rather have a problem-free coin. If buying a problem-free coin of a lesser grade was the only alternative, then that is what I would do. If a problem-free coin of a lesser grade is not preferable, then it would be better to wait until you have the funds to buy what you really want. If the fact is that it is a damaged coin, then you will never be happy with it.

Chris

 

@cpm9ball, I can definately appreciate that. I feel like as a new collector/college student holed coins are the only way I can get certain coins. However, I know if I had the income I would definitely save for better coins.

 

Let's face it! You will either like a coin or you will not. Since you chose to post this thread, I can tell that it gives you pause to consider what to do. Maybe you should wait and save your money.

Chris

 

I'll take an original lower grade coin with some character over a higher grade holed example any day.

Sure, if you're looking for CC's that may be the case. Up to you if having a coin from that mint gives you more joy than a coin without problems though.

This is a low grade coin, but something about it grabbed me and I really like the history of that year. I don't care for the look of most worn seated halves, but I do with this one for whatever reason so I snagged it and cracked her out of prison. I'm happy with it for my type set despite being a G4 and paid under $30 for it.

 

To me it would depend on whether I was going to wear it on a chain or not.

 

@Lunchbox John I think that coin looks much better than most seated halves at G04, I don't know if its the dirty toning or what but it's very pretty. I can agree with @cpm9ball that I definitely hesitated and that speaks a lot about it. I asked John about it too and after a second I think I agree with you both. Unless it was a coin that I could get for under 5 I think i'll pass from now on. Maybe those can be cool ones for my kids one day!

 

If you buy a coin with damage you will ALWAYS have a damaged coin.
Save money until you can get the coin you want.
It may take longer to get the coin you want that way but you'll feel better about it in the future.

I have only one coin that is graded PCGS Genuine.
Why?
Because it took years just to find this damaged item.

 

@kanga could you post it? I'm curious to see what it was!

 

That's wise. One fun way to collect coins on the cheap is to keep an eye out for cheap holed ones and put them on your keychain. Right now I am doing a little consecutive year set of half dimes, dimes, and three cent silvers of the 1850's.

Gives me something to look at in waiting rooms when I look around and see 19 people staring at their phones and decide I want to de-sheepify myself by doing something else.

 

I would be inclined to take the lower graded coin without the hole. My justification for this would be when I look at the coin, if it's lower graded I can think about all the pockets it saw and the exciting "life" it led. If it's holed I would probably just be sad wondering why someone thought it was necessary to hole the darn thing.

Obviously for very rare coins this kind of goes out the window because a holed coin may be the only one you come across for many years.

 

I would avoid holed coins and stick with problem free coins. You won't always be a college student and have a whole lifetime to increase your budget and buy higher end pieces. If you want to collect now, find coins you like within your budget but strive to only buy problem free examples. You will regret problem coins long term.

I spent 8 years in college/grad school and had no money and because of that I bought very few coins. I spent that time learning as much as I could about the coins I liked so when I could afford them I would have the knowledge to buy them.

Now, sometimes problem-free just isn't an option. Sometimes items are simply too rare and you have to buy what is available or go without. I have a piece in my paper currency collection that falls into this category. But, outside of those very rare pieces, I would focus on problem free items.

 

Stay away from holed or any other problem coins. They may be extremely difficult to sell if you ever want to.

 

Holes in coins are only acceptable under two conditions:

1. They were put there by the mint.
2. Your name is Marcovan.

As I do not qualify on the latter I have to stick with the former.

 

Good point...I forgot to mention that.

 

IMO, When it comes time to upgrade a coin or sell your collection, you'll usually have a much easier time with "problem free" coins.

 

What about Stamped coins? I noticed there is a small collection of collectors that collect exclusively stamped coins. Is that not considered damage or what makes that ok?

 

Most collectors consider it damage. But some like them. People collect what they like.

 

There are books and research on counter stamped coins. If a counterstamp can be linked to a specific merchant or event, then it adds to the history of the coin, and in some cases actually makes it worth more. However, random letters/numbers, or the Lincoln cents with state outlines, or Kennedy's portrait are considered damage and will reduce the value. Unless you have something like an Indian Peace Medal or some other rare item that is usually found in this condition, a holed coin will always trade at a reduced price.

 

I would still not have a seated dollar otherwise.