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Super Mario 63/Jolly Roger Bay
Reference material by Wikibooks contributors. This retains its source identity and is not 411 news reporting.
To get to Jolly Roger Bay just go to the room above the entrance and go to the left.
Use the sling star to get up, then walk over to the left. You will be there, and then go collect the 8 red coins. Many of them will be underwater, and don't forget the one not in coins!