Watch List notes:

Peru, Charles III, eight reales, Lima, 1784 M.I. (Cal. 810; Cayon 12098), damaged, corroded and water-worn
Wrapped in an old fold of paper, unfortunately undated but inscribed, "Spanish Coin of Charles III - Lost on Bembridge Ledge and fished up after having been 22 months under water". Bembridge Ledge, off the Isle of Wight is the home of many wrecks.

Estimate: 40 - 50 GBP