Quarters are the easy coin to drill to make jewelry with because the size allows for secure clamping. I have found quarters with holes in my change before.
This one seems like a halfhearted effort. The drilling exposed the copper core and looked clean but the person stopped before punching through. If it would have went through the other side it would surface under the bison in front of the 2006 date.
The possible pendant would have looked weird since it drills through Washington's head and puts the reverse upside down so maybe that is why the person stopped drilling. This coin is now damaged and holds no extra value, although it never did while it circulated.