One reason is that people used to use large cents as buttons, jewelry, or other decorative items. They would drill a hole in the coin and attach it to their clothing or other objects. This was a common practice in the 19th century, and it is why so many large cents today have holes in them.
Another reason why large cents have holes is because they were used as currency in foreign countries. In many countries, coins with holes were more convenient to use than coins without holes. This is because coins with holes could be easily tied together or strung on a string, which made it easier to carry them around. As a result, many large cents were exported to foreign countries and they were often drilled with holes before being exported.
Finally, some large cents have holes simply because they were damaged. Coins can become damaged in a variety of ways, including being dropped, scratched, or bent. When a coin is damaged, it is sometimes drilled with a hole so that it can be easily removed from circulation.