If you don’t have a 1/8” hole puncher, here is a cost effective alternative

I wouldn’t recommend using the standard size puncher for this. The small size of the hole helps to reinforce the string and the hanging coin, plus it looks nice. A small hole up top helps create the illusion that the coins are in mid air just like in Mario games. But if you don’t have one, no problem, we will make do with what we have. You have a mouse pad, right? Well grab that. Now look for something around the house with a small blunt tip (for instance a mechanical pencil, ball point pen or even a corn the cob holder). Remember to give a good space between the edge of the coin and the hole that you will make.