Hmm. I'd grade the obverse Poor-1 and the reverse Fair-2. And of course it is damaged. I can't make out the year. Probably very early 1800s.
Spanish Colonial 1 Real coins (1 bit) were legal tender in the US until 1857 and for many of those years they outnumbered U. S. coins in American commerce. Nice piece of history!
http://www.coins.nd.edu/ColCoin/Col...d.intro.html