 
These Holey Dollar forgeries are so named because the first recorded example was offered at an auction in Manila in 1986. Several specimens have since been sighted. All have been produced by the use of forged counterstamp dies being applied to genuine, holed Spanish American silver dollars.
Because a die was used, all matrix dates and counterstamp clock face relationships are possible. All examples to date exhibit imitations of obverse die type I and reverse die type A countermarks.
Source:
'The Holey Dollars of N.S.W.' - W J D Mira & W J Noble, 1988.
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