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I do not think it has been cut. It depends on the weight, but looks like a Mexico City 2 Reale.
Mexico city produced cobs till 1733. Yours is probably not much older than that. Looks to be around 1 real size too and a nice one at that. All the ones Ive found are around 1 or half real size. The bigger cobs are a rare find indeed. Im still waiting for my first bigger Spanish silver.