Ferdinand And Isabella Reales, Is It Real?

Alas, this one is indeed fake. The quality of the engraving is too low, the letters in the legends are all garbled and the surface has a porous look; either the coin or the dies the coin was made form are cast copies and, given the garbling, probably copies of copies of copies...

You say it looks silvery, but I suspect in this case the camera is telling truer than your eyes; I'd be surprised if it really were made of silver. Apparently these were made relatively recently, as tourist fakes for sale or giving away at pirate-themed tourist traps and such places.

Fakes of these coins do crop up from time to time here on the forum. Here's an old thread with another one, very similar to yours. Here's another, where the design is somewhat closer to the original.

I concur - it is a tourist copy originally sold wrapped in an "aged" parchment which tells the story of what it is. These are still being sold and none are marked COPY as they should be. I have one someplace in my files as it was sold. But of course I can't locate it right now. The appearance is VERY similar if not identical to this one.

I believe the legal argument used to justify not adding COPY is that the coin is actually a fantasy. The legends as was pointed out are blundered and in fact they use non existant letters. So the producers can argue that COPY is not required since an Original never existed.

That is a legal argument that I do not support because it takes advantage of the novice collectors but it is an argument that has been used successfully for centuries. It is the nature and basis of the entire EVASION grouping of counterfeits.