The 500 pound World War Two device was picked up during dredging work.
School Charity Money Stolen
Police are appealing for information following a burglary at Bishop's Waltham Infant school.
The incident occurred between 4.30am and 6.40am on Thursday, November 29 at the school in Oak Road.
Entry was forced into the school and approximately £450 in cash stolen.
This includes money that the school had raised for Help the Heroes and also for improvements to the school.
PC Jonathan Earnshaw from Bishop's Waltham police station said: "This burglary has affected young children at the school and hard working staff.
"As well as the money raised for charity and for school improvements, the offenders also stole money for the staff Christmas party which has now had to be cancelled.
"I'd like to speak to anyone with information about this incident. I'd also like to hear from anyone who can help us identify two men that were seen smoking outside of the school at around 9.30pm on Wednesday, November 28."
Anyone with information is asked to contact PC Earnshaw at Bishop's Waltham police station on 101.
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