Silver pendant made from a shipwreck spanish colonial real silver cob 5.3g scrap

This is a really cool pendant as it appears to have been made from a shipwreck coin. It could also be used as a watch fob.
The silver of the bail is clearl y newer than that of the coin, so I think that the coin is real ly old as opposed to being a fake. I do not know what denomination it is, but it seems to look like a Bolivian 2 Reales cob coin. Hopefully, more knowlegeable people than me will be able to identify. At any rate, it starts just at scrap cost . It measures 7/8" in length without the bail and weighs 5.3 grams.

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