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Silver? I pre-judged it's composition based on the colour; fine silver doesn't turn greenish-brown like that. Nevertheless, it's a "tourist replica", and not a genuine coin.
I double-checked my 1700's Krause; the design matches the Potosi mint silver 8 reales of the mid-1700's; it's clearly a P for Potosi mintmark. The date between the pillars is garbled due to the "doubling" on that side.
If you can bend it with your hands, and it really is the size and weight of a silver dollar, then there's no way it can be real silver. Genuine cob coins are usually quite thick. It's probably lead, or tin, or pewter, or something.
There is nothing so absurd that some philosopher has not said it. - Cicero
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