Looks to be a silver 8 reales, minted 1616(?). Would retail at a realistic $100-300 I 'd guess, if genuine and depending on in-person eye appeal. Things to consider: 1) being made into jewelry, yours has been damaged (notice the marks where the frame's "claws" bite the coin), and that's a big negative; 2) while you can connect your brother to Mel Fisher, can you connect this specific coin to the wreck? Lots of fakes out there, so if you want to sell it, either find a buyer who trusts you, or remove it from the necklace and submit it to NGC.