The edge here is common on genuine 8 reales where the blanking press has some wear. The effect is caused by a fin of metal attached to the blank. If the blank is the correct weight the person checking the weight does not remove the fin. When this blank with the fin is run through the edging mill it is folded over one of the coins faces. The next step is striking in an open sided screw press. This drives the remaining fin into the face of the coin imparting the design with it. In some cases, the fin is short in other cases longer. Often it remains in place, but sometimes it partially comes away from the coin and breaks off. All of the genuine coins originate in this fashion.
All of the photos illustrate coins made using the correct manufacturing techniques.
When I speak of a Contemporary Counterfeit edged with a silver ribbon, I am referring to the process developed by Matthew Boulton about 1785 which applies a strip of silver and the edge design in one operation.
Here is a picture of a counterfeit that uses the silver ribbon edge. First the whole coin to show the seam runs around the perimeter on both faces;

Here is a close up shot of the date area. The seam is visible 360 degrees when examined with a microscope. From a distance, as in the picture above, the seam is most visible where small chips have begun to fall away.
