1733 8 Reales Mexico. Real?

Local coin shop had this. Owner suspects it to be a fake. I borrowed it to make an evaluation. What do you think?

Other info:
weight: 23.55 grams (vs 27.07 gram official weight)
specific gravity: 9.65, which exactly equates to a coin 50% silver, 50% copper.
Ring tone: sounds like silver to me.
sharpness of strike, look: You decide
Seems to be casting bubbles in abundance below the date
Within the hole, which is mostly a precise drill, there is a bit of attached silver that does not seem natural there. You can see this in the last picture I am providing.

I suppose the weight might be explained by the hole and perhaps being clipped and perhaps being water salvage coin.
Bubbles might be explained by being water salvage coin.
Specific weight: that would be hard to explain for authentic coin. Water salvage coins tend to keep their silver density or improve it, even if losing weight.
The strike just seems muddy to me.

I think it is fake.
Another question would be current fake or old fake. I would say current fake.

All opinions and observations appreciated.