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I have had several of both and find the difference to be very small. I talked with Arthur Hatfield years ago and our opinions were similar. We felt the no hole might have a slightly quicker response and was possibly, better suited to a mahogany necked banjo. Similarly, any difference in mellowness would go toward the 20 hole. These are not facts, just opinions and likely will vary with different experiences.
BTW, I have a JBS 113 S nickel 20 hole ring I am not using if you would be interested in it.
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