In Colin Bruces' "Unusual World Coins" there is a similar item under the Philippines
If the Design of the obverse looks the same, maybe the date of 1846 instead of 1946 was a typographical error in the book. We may notice the looks of Queen Isabel II during 1849 and the precendent years is far different from the first issue of 1861 coins.
We may also see the 2D (letter "D" that indicates dollar sign)
What I am confused is the 4th of July commemoration of what incident.