Late 1700's Spanish silver coin turned into a kind of adornment

This was a circa 1772 Spanish silver coin about 40mm across until it was turned into an ornate something or other. Anybody have an idea what it could have been used for? I've found similar pieces at this site (1810-1865), but they were brass. On this piece you can see "HISPAN E" on the underside which matches to a 40mm eight Reale Spanish coin from the late 1700's or thereabouts. I think it's too thin to be a knife hilt. I included a stock photo of a Spanish silver coin highlighting the section that matches what's on the artifact.

https://i.redd.it/puo1wl6mfhk11.jpg