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Could be ... I've wondered about those two holes, too. The brass loop is definitely original. The back had to be flat up against the chest for the thing to "work," and I would think the design on the front was not to be covered by some holder device, so I just haven't figured it out. (I'm attaching the back on this post.) Even an ad I found for the pendant shows it vertical, so maybe I'm wondering about something that didn't matter to the manufacture of this thing. (I have the ad on the Oct 16th entry of my blog: quackcogitations.blogspot.com)