Definitely a Madrid MM, not Mexico City. Also, it looks more like a 1/2 escudo than a 2 escudo.
1/2 escudo:
https://www.ngccoin.com/price-guide...duid-1516121
2 escudo:
https://www.ngccoin.com/price-guide...duid-1516543
1/2 escudo:
https://www.ngccoin.com/price-guide...duid-1516121
2 escudo:
https://www.ngccoin.com/price-guide...duid-1516543
Inordinately fascinated by bits of metal with strange markings and figures