This is one of those kind of artifacts that is interesting and rather uncommon.  It is composed of two opposing carved bone pieces with sharpened tops which hold the point. This is then wrapped tightly with the end of the lanyard leaving the two sharpened tops and the point exposed. These were constructed by the Native Americans from the Washington coast up into Alaska. This particular piece has a a tag identifying it as from "Cook Inlet Indians" in Alaska. The point on this example is broken. The points are often made from shell but I am not sure what the point on this one is.

L.