Spanish mainland forgeries were mostly made and circulated on the mainland. This is why I would say, that the coin is made in Spain and supposed to circulate theer.
Currently putting a study group together and article possibly in Colonial Newsletter via American Numismatic Society. I have documented about 100 varieties. With these types they were all probably silvered. Problem is a brass host does not hold silvering very long unlike copper as withe the Gurney Sheffields of Birmingham. On ebay now just to help locate a third piece I have a Pistareen CCC in probably paktong. See seller johnmenc on ebay. Not a bad piece.
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