Its an interesting piece - most contemporary circulating counterfeits I have seen are of German Silver. I have seen only (3) all German Silver. As a previous post comment has indicated this appears to be silver plated as the photo suggest surface peeling and note the green? overtones. Weights vary in these pieces. Probably struck over a counterfeit 2 Reales piece dated 1788?
Very unusual piece.
John Lorenzo
Numismatist
United States