It may or may not be the letter z.
It's probably a rotated "m" shape which is a common Latin abbreviation symbol that looks like "z" but is used at the ends of words. It has a variety of meanings, but two of the more common expansions are "em" or "um". The line over the two letters is a macron, an apostrophe symbol.
It does not look like a medieval 8, not at all and medieval 8 was never written with a tail.
Here are some examples of 8 from the 14th century. The ones from the 15th century are basically the same. Note the loops are generally quite wide, not squished like the last letter in luc'm
It's probably a rotated "m" shape which is a common Latin abbreviation symbol that looks like "z" but is used at the ends of words. It has a variety of meanings, but two of the more common expansions are "em" or "um". The line over the two letters is a macron, an apostrophe symbol.
It does not look like a medieval 8, not at all and medieval 8 was never written with a tail.
Here are some examples of 8 from the 14th century. The ones from the 15th century are basically the same. Note the loops are generally quite wide, not squished like the last letter in luc'm

