Salvaged- Broken at the hole and smoothed off. Very common on Central Texas Gorgets. I've seen several of them come from the pay dig near the Frio River.
Hey Blue- a gorget is an ornament worn around the neck like a necklace- but more for protection- hung chest-level or at the throat. You're is a nice one! And those are some nice birdies there-- thanks for the show Yakker
Not much is really known about them, but they probably weren't "tools" for making something. The term gorget does imply something that covers the throat for protection, but there is no evidence that the Native Americans used them for that. For a long time people thought they were net gauges for weaving nets, or wrist guards for archery, many collectors tend to think of them as necklace pieces.
Some of them have been found in mound burials near the wrists, others have been found with beads implying some type of necklace or ornamentation, and some have been found near antler handles and could have been a weight on a spear thrower. Some are finely made, many of them were broken and salvaged, some are thick, some are thin, some have wear patterns near the holes, others have odd numbers of holes, etc. Lots of variety.
Here's a webpage that gives some detail on them. It focuses on examples from Ohio, but they are probably similar in age to your piece. PAGE 1 TWO HOLE GORGETS OHIO AND