How much truth to the "Indian" holed coins story?

I was always told that Indians holed coins as charms and currency to wear as a necklace or in lieu of a purse/wallet. They told me that the Indians just poked holes anywhere and that a hole in a ridiculous place (not hanging correctly) indicated a strong possibility that it was worn by Indians.
Anyone confirm or deny?
Anyone confirm or deny?
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Lane
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces