OK, NGC authenticated this coin as a Spanish Real from 1474-1504 at the time of Ferdinand V & Isabel I and from the Seville mint. Here is the cert: https://www.ngccoin.com/certlookup/6640400-019/45/ The strange thing is that on the cert page, they list it as (1497-1504)D SPAIN SEVILLE - SQUARE D FERDINAND V & ISABEL I REAL Yet on the coin, they list it as (1497-1504)S SPAIN SEVILLE - FERDINAND V & ISABEL I REAL But in a cursory search, I see that this is what that real should look like: https://www.acsearch.info/search.html?id=6674056 I think this coin looks more like it is a real from John I's time 1379-1390 but the obverse lettering does not seem to line up but is hard to tell. Here is that real: https://en.numista.com/catalogue/pieces104671.html What do the experts think?
I think you're right. Good sleuthing! NGC is way off base attributing this coin to Ferdinand V and Isabel I.