Ventnor Coastguard Rescue Team were paged at just before 15:30 after a member of the public reported finding a suspicious looking object near Hope Beach.
Coastguard officers sent photographs of the item to the Royal Navy Explosive Ordnance Disposal team at Portsmouth, who deployed specialists to the Island. A cordon was established.
Arriving in Shanklin at 19:00, the bomb squad conducted an examination of the device before removing it for safe disposal.
HM Coastguard remained on scene for over 3 hours.
It was only yesterday evening that Bomb Disposal were sent to Forelands, Bembridge when a solid shot projectile was found on the beach. On that occasion, the Coastguard were not called but Police stood by throughout Thursday afternoon.
If you or someone else is in difficulty on the coast or at sea, or if you spot what you think may be unexploded ordnance, then dial 999 and ask for the Coastguard. Further safety information can be found at https://coastguardsafety.campaign.gov.uk/.
Get help faster by giving emergency services your exact location by using What3Words.
What3Words have divided the world into 3m squares and given each square a unique combination of three words. What3Words addresses are easy to say and share, and as accurate as GPS coordinates which means when you are in a remote area of the Isle of Wight, you can get assistance much quicker without the need for local knowledge.