At first glance with out any aid from magnification this coin looks fairly nice, Maybe VF to XF. But looking at it under the microscope it has a lot of anomalies. Every single letter and number both obverse and reverse are doubled. Juan has some doubling, mainly about his chin. There is some doubling around the design on the reverse. Basically with this much doubling I am thinking worn dies, even though the coin looks remarkable. Here are a few pics.
At a guess I would say worn dies. This was a heavily used, low-value coin struck in the hundreds of millions and the Spanish Mint probably wanted to get as much use out of every pair of dies as it could.