Regarding SAP's comment "This coin claims to be from the Zacatecas mint; that mint in central Mexico (and the nearby gold and silver mine that powered it) hadn't been in Royalist hands since 1811."
The Zacatecas mint started as an insurgent mint producing coinage in November 1810, producing the "LVO" style of 1810 and 1811. The insurgents were forced out in February 1811, the Royalist Captain Ochoa had the existing dies altered, replacing the images on the shield, Pomegranates and Castles, with the Royal symbols Lions and Castles. The cross on the "LVO" side was moved to the rear mountain as well (mules exist with the insurgent die on one side and the royalist die on the other).
Insurgents reentered the city in April 1811 but were driven out by May. Coinage was then modified to resemble the standard Royalist issues featuring a bust of Ferdinand VII on the obverse and the Shield on the reverse, similar to the original poster's coin. The mint remained in Royalist hands from then till the end of the War of Independence. Source of this information is from an article by Max Keech of World Numismatics published in the USMexNA Journal March 2021.
Max has been researching War for Independence coinage for an extended period of time and attributes his research to historical mint records and letters between officials during the war.