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I think collecting coins appeals to people who appreciate: 1) history, 2) beauty , 3) intrinsic rarity , 4) condition rarity , 5) investment potential I know I am generalising when I say the type of coins we collect depends on which factor(s) matter to us most. A few rate history and intrinsic rarity beyond all else and are happy to collect washers. Intrinsic rarity is prized much more highly by bronze collectors and you have many people paying thousands for a "rare variety" penny in terrible condition. I would never do such a thing as I don't value intrinsic rarity so highly (and I view all hammered coins are unique). For me, I value factors 1), 2) and 4). If I ever buy a holed coin, it's for the history (and what's left of beauty) and will use my "fun" budget rather than "coin" budget.

Ahh, now collecting and ‘connecting’ with a holed piece is altogether a different animal…I’ve worn an Elizabeth sixpence on a leather necklace for over 30 years now, and will likely die with one, given my lifestyle. I’ve never purposely drilled one, but have lost two now, that I hope will one day hang with historic pride around someone else’s neck! Who knows, it could easily be another 500 years before my last necklace gets found…amazing…and I hope so 🙏

Have to admit, I've deliberately bought a couple of holed coins. One because it was officially holed during the Great Recoinage of 1696. The other is this. Again, it's the hole that makes it of interest to me. Horses for courses, I guess! 😄

Great summary @Sword, thanks. I would also add something like sentimental value, if I may. When the coin is not that attractive for others but you still want to have and keep it. Sounds a bit irrational especially from investment perspective but after all collecting the pieces of copper or silver is not fully rational also.

Eye appeal is certainly important to me. I also like pieces that had some significance to the person that owned them, like Coinery's sixpences. My collection roughly splits into coins (for which beauty, conditional rarity and to a certain extent provenance all come into play) and medallions, where all of the previous are considerations, but I also like that their importance to their original owners was to demonstrate loyalty to the Crown, as well as for adornment.

Good analysis @Sword. For me Factor 1 is the most important, with factor 2 next. After that, the other three are interesting but would not entice me to spend big bucks.

My shilling. I think what drew me to it at the time was the portrait. It got over shadowed when I eventually bought a Milled Briot Sixpence.

For me the importance of all 5 mentioned components is going on order listed in the post. History first, then beauty etc. I must admit that the liquidity of collectible material has become more important to me lately given the general instability in the world

Beautiful piece. Touchpieces are definitely holed coins worth owning.

Same lol. Mine was a York shilling of Charles I that I feel I overpaid on. I also have a milled Elizabeth sixpence that has a very small filled hole in it but i got that for a reasonable price at the time. The other two are a Gun money sixpence & a commonwealth penny but both them were under £10 if my memory is correct.