Okay. after looking through pages and pages of mexican coins. I have come to my own conclusion that this is some sort of reales coin that was maybe melted down or defaced somehow and re-stamped with a monogram? Looks vaguely like a B and X (or maybe a fancy I) and and an E. Plus it is pretty banged up...Just wanted to see if anyone has ever seen this sort of thing before. Thanks!

Identified - moved to Exonumia forum - Sap