Unknown Spanish

Here's a Spanish puzzler. The obverse has the Spanish arms (looks like House of Austria, Philip II to Charles II). Starting to he right of the crown I see ARG-UD ---VSDV then unreadable until just before the crown AB-Z.there is a 54 to the right of the shield. The reverse has a cruciform image with a crown at the top, a shield with two diagonal stripes running down from left to right. The bottom is a shield with a standing lion. The shield on the left has a horizontal bar around the middle with something above it. The legend starting at the crown is PHIL---HISP---INDIAR REX. The coin is very thin copper, measuring 25mm and weighs 2.13 grams. The coin is WELL worn as you see.

Anyone recognize it?

Thanks in advance.