Coins with Holes, Solder, or Jewelry Mounts: What Are They Worth?

For centuries, people have turned coins into jewelry: drilling holes for necklaces, soldering loops onto silver dollars, or setting gold coins in bezels for pendants. These pieces often have a lot of family history. But what happens to their value as coins?

What Counts as Jewelry Damage

• Holes: Drilled or punched holes, usually near the top of the coin
• Loop or solder marks: A loop soldered to the rim, or marks where one used to be
• Bezels and mounts: A coin set in a gold or silver frame for a pendant or ring
• Engraving or “love tokens”: Coins with one side smoothed and hand-engraved with initials or designs
• Heavy wear from being worn: Rubbing against skin and clothing smooths out the design

Effect on Collector Value

To collectors, a holed or soldered coin is a damaged coin. Grading companies won’t give it a regular grade. Even a scarce date usually loses most of its collector premium once it’s been holed or mounted.

There are a few exceptions. Love tokens, coins hand-engraved in the 1800s as keepsakes, are collected for their artistry, and some are quite valuable. Coins with historic jewelry use, like some very old pieces, can also be interesting to specialists.

Metal Value Still Counts

Here’s the good news: a gold or silver coin is still gold or silver. A holed Morgan dollar still contains about three-quarters of an ounce of silver. A $20 gold piece in a bezel still contains nearly an ounce of gold (see selling gold coins).

If the coin is in a gold bezel, the bezel itself has value too. Bezels are often stamped with their karat, like 14K. See what karat stamps mean.

Should You Remove a Coin from a Mount?

Generally, no, not without asking first. Prying a coin out of a bezel can scratch it, and solder removal can leave marks. Since the coin’s collector value is already reduced, removing it usually doesn’t help, and the piece may be worth more as jewelry.

Plated and “Colorized” Coins

You may also see coins that have been gold-plated, silver-plated, or painted as souvenirs, like gold-colored state quarters or colorized Silver Eagles. These are altered coins, a bit like the two-headed coins sold by novelty shops. They have no extra collector value and are usually worth their face value or metal value.

More guides: hobo nickels.

The Bottom Line

Holes, solder, mounts, and plating destroy most of a coin’s collector value, though love tokens are a collectible exception. Gold and silver coins still have their metal value, and gold bezels add more. If you have family pieces like this, it’s worth an honest look before deciding what to do with them.

Have coin jewelry or holed coins? JoCo Coin Shop offers honest, no-obligation appraisals across the Kansas City area. Contact me by phone, text, or email to get started.