If you go back and look at the original in the raw photo you will that some pieces are closer together and then one is farther apart. I'm guessing it was a silver bracelet (possibly made of reals) and that pieces of silver fell off over the years. The place I was hunting is full of old antiques. I've found really odd stuff there. That thing could have been kicking around the sand for 50 years. If you look at the back side on hi-res you can see the outline of where the silver melted around the thread. It was definitely hot when put on. I think it was originally a kind of folk art. We'll all have to get together some time and decide if they are 1/2 Reals or just regular silver...
Crispin