As Johnny Depp lifts Keira Knightley out of the water after he rescues her, to get her breathing again he rips off her tight corset. In doing so he sees the medallion. He picks it up and asks her where she gets it. It clearly is not tucked into her dress as she often has it. As she stands up and her father puts the blue jacket on, it looks like she's tucking it back in, but we aren't completely sure. As she takes the jacket off, and says, "Commodore, I really must protest," it clearly is out. But, after the commodore says, "One deed is not enough to redeem a man of a lifetime of wickedness." and Johnny Depp replied, "Though it seems enough to condemn him." Just after the commodore says, "Indeed" we see a shot of Keira and the medallion is clearly tucked inside her dress. As Johnny immediately puts the chain around her neck it is out. Does she keep putting it in, but it keeps coming out? I'm not so sure.