Well, it's Spain for starters. The arms suggest Philip II, III, or IV, but the legends appear clipped. The S to the left of the arms probably indicates Seville mint. There were copper coins of this period, but the tressures on the reverse look more like the silver cobs. Counterfeit, contemporary or otherwise? Perhaps silver-plated at one point, which may explain why the devices look so rough. One of the Spanish Colonial experts will be able to say more.
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