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SPAIN - 1668-1699 (mint dates) Charles II Hammered 1 Real Cob (Mexico mint).
Identification by New World Treasures LLC - It could be from the time period of Philip IV (1621-1665), but the more vertical lines of old burgundy (lower left side of the shield) makes me believe the coin is that of Charles II (1665-1700 reign dates). Coins of Philip IV have distinctly diagonal lines during the period that coincide with coins other shield details. Most coin's from the time period of Charles II are quite rare, particularly during the 1680's and 1690's, so your coin was likely struck in the early years of Charles II. I believe it is a 1 real that was struck with both sides way off center. The shield and cross size looks to be correct for a 1 real coin and too small for a 2 reales coin. The coin does not appear to be cut after it was made.
Info from CoinQuest.com - The rich deposits of precious metal in the New World were too much for Spanish royalty to resist. They were therefore exploited and carried back to Spain. To hasten this process, bars of silver and gold were hacked into chunks of proper weight and struck with heavy hammers between crude, hard-metal dies. The strike imparted a Spanish pattern, or part of a Spanish pattern, into the coin. The Spanish word cabo (English cob) refers to the end of the bar. The size, shape and impression of these cobs was highly irregular. However, they were of proper weight, and that is what mattered to Spanish officials. If a cob was overweight, the minter simply clipped a piece off.
Silver Jerusalem cross - Silver cobs from Mexico City have a Jerusalem cross on one side. The cross can be plain or with foils around it. Castles and lions appear in the angles of the cross. Cobs like this date back before 1600 to the early 1700s.
Silver crowned shield - A crowned shield with the Spanish coat of arms is often paired with the Jerusalem cross on silver cobs. Most of the time, only part of the design is actually visible.
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