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Holed LC

My good buddy found this with me the other day and I'm always amazed or questioned why they took the effort to put a hole in a penny, it must have been worth quite a bit for them to do so, what would a penny buy back then? I also wonder where they would attach them so that they could keep them close. would they sew them into their pockets? or did they run a string through them like a key chain? Paul

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