Piece of a coin. Spanish?

I have a piece of a coin and I am hoping that someone will recognize enough of it to help me identify it.
Because I can make out the letters "SPAN" I am tempted to say that the coin could be Spanish in origin.
I would be pleased to hear your thoughts, please?
(I hesitate to call the metal 'silver' because I think I can see some 'rust' spots on it.)

 

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Looks like a Spanish coin from the early or mid 1700's. The size should give you an idea the denomination. Here's a picture of an 8 reales.


Notice how it matches up with the area in the lower right of the reverse.

Based on this image, I think it has to be Felipe V:

 

@> Paul. I thank-you for your help.

By pointing me in the direction that you did I now believe that I have a piece of a 1721 2 Reales coin. (Do you agree?)
Thanks again.

 

It could be dated anywhere from 1700-1746. Depending on the size, it could be a 1/2, 1, 2, 4, or 8 reales. I'm also suspecting it was buried, which would account for the "rust" spots. If it were buried in acidic soil with copper coins, those would be copper deposits.

 

OK. I hadn't considered that.
I wasn't aware that the different denominations carried the same images.
The (actual) diameter of the coin is around 27mm.
Do the denominations you mentioned rise in diameter with the rise in value? Which one is of a similar diameter?

 

If the fragment is 27mm at the widest dimension, it's most likely from a 4 reales coin.

 

Working on the presumption that the intersection of the cross is the centre of the coin then I measured from that point to the edge and I doubled it. The result is 27 or 28 mm. (The design on this coin matches what can be seen on my fragment.)

 

Interesting and cool piece!!! Of course, cutting them up for small change was fairly common.

 

"pieces of eight" ?

 

Yep!!!

Here's another example------8 Reales or the 'Pillar' type that the $ is purportedly based on...

 

Topcat,
Cool piece in great condition. The ones that I have seen tend to be cut from colonial strikes as opposed to Spanish coins. At 27mm diameter its got to be from a 2 reales.

 

You're absolutely right!!

 

The weight would help .

 

To everyone who contributed, and to those who took an interest I would like to express my thanks. Between us I think that we have solved a mystery that I was unable to solve on my own.
Well done, and thank you.
(Watch this space.)