The "nefer" hieroglyph signifies the word meaning "good" or "beautiful," so perhaps this necklace was meant to bring good wishes to the wearer. A collar of this size and craftsmanship belonged to a member of the upper class - in this case, a wife of Thutmose III.
26.88.135a purchased in Luxor with other objects presumed to be from western Thebes, Wadi Gabbanat el-Qurud, Wadi D, Tomb 1, 1920. 58.153.9-.10: beads believed to be from same tomb; purchased from Ernst E. Kofler, Lucerne, Switzerland, 1958. 1982.137.3: believed to be from same tomb; purchased from Uraeus Gallery, Paris, 1982