Cloth Seal, Elizabeth I, Alnage, Arms of England, Image & Found by London Mudlark.
Found on Thames foreshore
Two disc cloth seal, arms of England E R to sides, inscription around // no decipherable image
The inscription and reverse are indecipherable but the Royal Initials and configuration of the seal suggest almost certainly that it is an alnage seal of Elizabeth I. See others with the same title on this page.