This coin is even older than you think and not a cob. It is a Philip V, Pillar, one "real" of Mexico from 1745. He died in 1747. It has so much wear that it may well have circulated for a hundred years and been lost in 1845, or for that matter could be a kid's "show and tell" lost recently. The hole gives it character. It would have been worth 12.5 federal cents or one "bit." Great find!
The "PHS V..." shows that it is from the reign of Felipe V.
This variety was minted between 1742 and 1747 though Felipe had died on July 11, 1746.
Don.......