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It is likely some sort of studded shell. Luckily the article sounds like the shell was saved, it says:
"The shell was identified as a circa 1880's small calibre projectile that would have been fired from an early rifled breech loading gun.
A rare relic of military history, the shell is thought to be among the few preserved examples of its kind."
My guess would be 9pr RML studded shell but if a shell why harmless so it could be a shot. The only way to find out is probably contact the local EOD or possibley the paper.
My brother's boat is on moorings by the gravel dock and he says they often bring up ordnance as Portsmouth had lots of AA and was bombed a lot so the dredgers use a big magnet and anything they find goes in a bin for collection and dispossal.
this ship regularly dredges up shells and fuzes. I've seen/had some nice fuzes that have been saved. It has a set of magnets to catch steel items as they come aboard. They dredged up the remains of a B17 bomber once!