It is a replica of a Spanish "Reyes catolicos" silver real. The original coins dated from the time of Ferdinand and Isabella, early 1500s.
Thick brass replicas of these coins, with badly garbled legends, commonly appear on the forum.
Example. This is not one of those replicas, as the legends on this con are still clearly readable: on the shield-side, for example, it reads FERNANDVS:ET:ELISABE:D:G. However, given the brassy colour and the blob of green copper corrosion in the centre, I would assume that it is nevertheless not silver and therefore also a replica.
Here's an example of a genuine Reyes Catolicos real.
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