I can't believe no one got it. In older days pants had no pockets and poorer gentleman and travelers could not afford coin bags or purses. They would put a hole in the coins and sew it into there jackets, pull them off as needed. If the hole had been for jewelry the hole would be top center to show the coin hanging in an upright position. I have seen a lot of 1800,s and older silver coins with holes. One reale had 4 holes, two on each side, was probably a bracelet at one time.
Ed D.
PS sorry ewcoinhunter I did not read your post.