Looks to be a cast fake but tests as 85% silver? Weighs 23g. Is this indicative of an older forgery rather than modern day example? Any info much appreciated.
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There's a ten year old thread here with someone posting another rectangular-shaped cob 8 reales dated 1733, which looks suspiciously similar. Not exactly the same, mind, but suspiciously similar.
These coins are "pirate piece of eights", and as such, replicas of them are often made into jewellery. I'm seeing notches on your piece which I would regard as possible evidence of having been removed from a ring mount.
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