Dropping a ball when original thought to be in water hazard

Titanic

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Nov 18, 2017
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Ball entered water hazard (ditch). About to take drop behind point of entry when as the ball left my hand, my playing partners shouted they could see the original on the bank. My substitute ball had not hit the ground or, therefore, come to rest. Which ball should be deemed "in play" and should therefore be played?
 
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