Wow,
You have me stumped on this one. Looks like copper and the hole would indicate it was worn not played. The rings are very uniform and I cant see the back to see if they are carved/stamped on both sides. If this is a native american piece it would be quite valuable. Normally the copper pieces I have seen of indian manufacture are not that finely crafted and show more of the ravages of time. If not indian, its a unique conversation piece at the least.
Atlantis