Reverend David McGladdery led the service which was attended by members and their families of the Royal Naval Association (RNA) who organised the event, crew from HMS Monmouth, the mayor of Monmouth, Councillor Chris Munslow and Cllr Sue White amongst others.
Wreaths were laid in remembrance of the fallen by the Executive Warrant Officer of HMS Monmouth David Sibson, and Mary Shipton of the RNA.
The Last Post was played by Monmouth band’s Musical Director Robert Morgan, Standards were carried by Tony Martin (RNA) and Chris Walker Standard bearer for the Association of Wrens.
At the Battle of Coronel the British Fleet including HMS Monmouth, was fired upon by the German armoured cruisers SMS Scharnhorst and SMS Gneisenau off the Chilean Coast, HMS Monmouth and HMS Good Hope sank with all hands on board.
The entire crew including commanding officer Rear-Admiral Sir Christopher Cradock were lost to the German forces under Vice-Admiral Graf Maximilian von Spee.
Although Spee had an easy victory, destroying two enemy armoured cruisers for just three men injured, the engagement also cost him almost half his supply of ammunition, which was impossible to replace.
Shock at the British losses led to an immediate reaction and the sending of more ships which in turn destroyed Spee and the majority of his squadron at the Battle of the Falkland Islands.
To this day, the sixth HMS Monmouth, a first class armoured cruiser of 9,800 tons remains the ship to have the highest number of battle honours - as battle honours are not conferred any more it is a record not to be surpassed.
She was powered by two 4-cylinder steam engines, designed to give a maximum speed of 23 knots (43 km/h; 26 mph)
The seventh and present HMS Monmouth was launched in 1991, a type 23 Frigate of 3,500 tons with a complement of 185 men. Her armament includes Harpoon and Seawolf missiles, anti-submarine torpedo tubes and a merlin helicopter.
She will be 25 years old on 23rd November.