I purchased this a while back because I was intrigue by its crudeness! It's silver and has the weight of a 1/4 real but the size and 1/2 real. Although it has a reverse bust I was thinking this might be a counterfeit of Charles III portrait type (1772-1784). Comments welcome...
Great piece! Did you find it in the wild or was it attributed as such by the seller?
As far as a counterfeit of WHICH specific type... don't bother trying to figure that with something this cartoonish. Pieces this crude with jibberish-type legend are typically hypothesized to be out of Asia.
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