Her mother had made it when her older sister was in Junior High School. That dates this sweater at about 50 years! She was so sad to see it go, I gave in a little and said I would see if I could fix it. I'm pretty sure that the hole is just from wear and not moths. Especially since my mother has always kept her wool sweaters in cedar chests (and yes, she has a few of those too, all stuffed!). After further review I decided that fixing wasn't an option since the fashion police might actually lock me away for enabling (pardon the t-shirt). 
It's so not me with the pastel colors and all. Well, that and the pink in there :)
But I think that maybe someday when she has forgotten about it (ok, when the kids actually let me work on big projects) I'll take it apart and make something useful out of this for her. Not because she needs any more clothes, but because it is a memory of her mother and the gift of knitting she passed down to me.