Yes The hole goes all the way through and seems to stay the same size. I have found several of these in the last five years along a river in Ohio. The person who told me it was Indian made was at the river looking for artifacts. The thing that makes me wonder if it is old is that it seems to be made of a graphite type of material and I don't know where Indians would have found this material.
They sure have that old dry cell battery look to me as well.Here's one I've saved over the years found in the water.i've seen others but never keep them anymore.If it's kinda lite for it's size as you sorta hinted to then it's likely what they are.They look really cool but could they be old battery cores?