I’ve been very interested in this article and posted a link to it on a forum I belong to with many knowledgeable people.
One of the posters was able to e-mail a very good friend of hers, who has knowledge about the occult and paganism and has this to say about the medallion:
“It has 8 drilled holes in order to change the orientation of the pendant – with the cord used to wear around the neck. The 8 holes probably correspond to 8 holy days on the calendar ... pagan of course ... You can see the waxing, waning and full moon motifs and a stylized Star of David at the current position of the top of the pendant.
“I don’t know what the other symbols mean without looking them up. They are not classic runes of ancient origins, but appear to be more modern occult symbols or perhaps even ‘sygils’, which are magical glyphs used to work upon the subconscious of the viewer – causing them to respond to the one wearing the pendant in a prescribed way and also working as a miniature altar for the wearer to practice upon.
“I do think it is a more modern piece. It looks galvanized and the cord is rather new as well. I could be wrong about the age but it can’t have been sitting around too long as the cord is almost pristine looking. They don’t appear to be Pagan but more occult. Although the principle of occultism is the same as paganism, the way of expressing it is different. It’s not from the Christian mystic high magic tradition either. Not sure which mystery school they are using the symbols from ... Not necessarily black but I don’t know without looking it up …
“It may have been tossed into a body of water as an offering to the forces of water, a Celtic/Pagan occult tradition also used in High Magic.”
I hope this sheds a little light on the mystery!