Fake Cob?

This is an odd coin that was mixed in with a small bag of low grade ancients that I bought.  It measures about 18 mm across and weighs 5.13 g.  My first thought was that it resembled a Spanish cob (I think I can make out a “II” beneath the shield on the first side).  The design on the back (?) is unfamiliar, however.  There also appear to be very tiny characters etched on that side.  (Which seems odd for such an otherwise rough coin.)  I am curious to see if anyone knows what it might be?  A counterfeit cob?  A reproduction? A re-cut coin?  Any ideas and insights most welcome.

I'm in no way an expert on cobs but this one doesn't  seem to be setting off any red flags for me (without being able to see the rim). As far as what it is I couldn't tell ya. 

Thanks!  I appreciate any insights.  It looked odd to me, but this is not an area with which I am familiar.

I can tell you that I don't consider myself an expert on cobs but it is a specialty area of interest to me for 60 years and I have quite a few. Your example is unlike anything I have ever seen before and it looks like nothing but gibberish intended to deceive and resemble something but nothing in particular. The shield is off center with gibberish in it while the “I” is perpendicular to the shield. That doesn't happen.  The weight and diameter implies one thing while the 8 implies 8 Reales. There is no cross or pillars and waves on it. Frankly, nothing but red flags that scream replica pirate treasure. What is this other gibberish on it as well?  Sorry, I don't know what this is but it is definitely not a genuine Spanish Colonial Cob Coin.

Thanks.  The weirdest thing is that it's so…well…weird.  Even the (admittedly few) replica pirate coins I've seen look more coherent.