Not an ancient...

To further qualify: it's from European Spain, not from the Spanish colonies in the Americas. For the denomination, compare the size with an American silver coin; dollar-sized is 8 reales, quarter-sized is 2 reales, etc. For the date, it should be early 1700s. rotate the bottom pic 90 degrees clockwise. I can read "PHILIPPUS" around the shield, so that makes it a coin from the reign of Philip V (1700-1746). The date should be at the top. As an example, this NGC database page lists 2 reales from the Segovia mint during this reign; I can't read the mintmark on yours (it's to the left of the shield).

It's also supposed to be .833 fine silver. Unless it's a shipwreck coin or metal detecting find, I'd be worried about the coppery colour.

No; the 1 real may have had a lower silver content, but it was still silver. Spanish copper coins were denominated in maravedis, not reales. And they had a radically different design, so people couldn't simply give a copper coin a silver wash and attempt to pass it as silver.