Civil war bullet pendant?

[reptwar1]

I found a civil war bullet with 2 small holes at the base of the bullet and wear between the holes that would indicate that it was worn as a charm or pendant on a very thin necklace of some sort. It was found beneath 14 inches of loose soil in the woods in the middle of nowhere here in Arkansas. Anybody ever seen anything similar? Was it maybe used as a dowsing pendulum?

 

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[reptwar1]

Also, nearby, I found a broken civil war era axehead