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I have found hundreds of those type of Bones, deer toes, and have only seen one that was drilled and used as a Bead or Pendant. Those look unaltered so most likely part of a left over meal washing out. You may find Points or Tools nearby though.
New Mexico used to have a coast. I have found a jar full of crinoids in New Mexico and a few sea shells.
Good finds.
Here are some Hohokam(Arizona) shell pendants. Notice the smaller holes are at the hinge end of the shell, similar to your shell....
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