Reminds me of a spindle whorl with big notches ?
Well I can't swear what it was used for but I can say it is complete except for the top ring where the hole is. Never seen anything like it.That's kind of what I see there as well. Palestine might be on the edge of where the Caddo peoples were, but they made a lot of creative pottery things (pots with frills and adornos, spindle whorls, etc.) but I haven't seen any pottery pendants.
But Gar has it in hand, so I'd trust what he's seeing.