Seeking Help To Identify This 8 Reales Spanish Coin Made Into Jewelry

I bought this brooch that has been cutaway, gold plated, had a laurel wreath added to the edge, and finally the pin soldered to the obverse. The reverse is how it would be worn and resembles a military medal. The shield and crown have been carefully filled in with enamel paint. I plan to auction the piece except I can't figure out what coin this is?

Reverse letters say: HISPAN - ET IND - REX - M - 8R - I - I
And the columns on reverse say: PLUS on the left and ULTRA on right
Obverse portrait starting at 2 o'clock: *UT - P - *ADRID - 1908 - RA(EorF) - CA*ZADA

I used asterisks where I could not see the letter(s) because of the pin or they are cut away entirely. The pin used has what is called a trombone clasp and was used in jewelry from the 1890s starting in France and more widely used until the 1940s.

I have spent hours looking at Spanish milled silver coins that have the same reverse but I can't find a match to this year or the obverse portrait (although partially evident). Also of note is the X in REX on the reverse appears to be double-struck, but then I haven't been able to view the whole design so maybe it's part of other design elements, but it does closely resemble an extra second strike leg of the X in shape and size.

I'm really looking forward to finding out what coin this is? Thanks in advance.