It's a spanish 2 reale. Couldn't tell you if it's real or fake, though. EDIT: First coin on this page is identical to yours, at a cursory glance. http://www.coins.nd.edu/ColCoin/ColCoinText/Sp-milled.3.html
It looks like a cast copy. But even if it were genuine with 3 holes in it the value would pretty much be bullion content - about $5.
What's the meaning of "cast copy"? this coin is a part of a decorative string - this string was made in the early of the 20th century - People at that time like to make some decoration of local style with silver coins including foeign and demestic ones like this:hug:
It means I think the coin is a fake, a copy made by making a cast mold of an original and then making copies from that mold. Fakes of these coins outnumber the genuine examples. They are as common as dirt.
