Soldiers long ago, when board, used to tap away at coins that were made out of 95% silver *pre 1964*. They would tap the edges with a spoon over and over and over, until they produced a silver coin ring. If they can do it with a spoon then I sure as heck can do it with a hammar and drill!
So I went and found some quarters at a local coin shop and decided to give it a try. First I started taping with a hammer (much easier then a spoon!). Soon they sides were smooth and round. Then I drilled out the middle. Unfortunately my drill and my dremmal ran out of juice so they are charging right now.. here is a picture of my process.
I started with a quarter and then decided that I should make one out of a half dollar for my love. His birthday is coming up so I thought this was a nice sentimental gift :)
Let me know if you try it, how it works for you!!