Kids' shark movie from 1978

Karl sez, "The year is 1978. A team of 12 year olds have decided to make a Super8 film of their own based on Jaws. (It's what everyone was talking about at the time). This may not be as slick as today's digital videos…which makes it even more genius. (we had to pay $20 [a lot for 12-year olds in 1978] for every 3 minutes of film) And wait till you get a hold of the shark we built…..(it sank after the first scene and you'll only see the fin after that."

Link

(Thanks, Karl!)