That is in fact an 8 Maravedis from Segovia, Spain. (KM#428) The mint mark is the "Aqueduct" to the left of the bust of king Charles IIII. While I must admit that I am no expert of Spanish coppers from this time period, this coin does look fairly real. I would grate it Good-4. According to my Krause this coin is worth $4 in VG, so I would value this guy at about a dollar or two. Due to this rather low value, and the fact that this coin does look rather good, I think that it is fairly unlikely to be a fake (unless it is revealed to be a contemporary counterfeit).
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