I collect coins and tokens which circulated in Africa from 18th century to 2000. I sell about 7000 illustrated world coins from http://www.avscoins.com.
I have the same coin but from 1794, (I had the same problem with Peru and Mexico). On the coin it shows, after ".HISPAN. ET IND. REX." it shows "MAE". This is the mint name for Lima (Limae). After there is a "2 R" (2 Reales).
And if your coin should be from Mexico there would be FM after the 2R in 1795. On your coin it's IJ after the 2R. Another way to see it's not from Mexico.
More countries besides Mexico and Peru use similar coins so always look at the mintmark (after REX) and at the letters (after 2R) if the mintmark is not readable anymore: