Potosi mint, denomination appears to read "VIII" denoting 8 Reales (size/spacing of detail looks to back that up)... Assayer B, "5th Period, border of X's" (note the distinct border ring of XXXXXX between the inner design and the legend). Dates for assayer B's 5th period are generally given as 1596-1605.
Nothing looks alarming from the pics concerning authenticity (though the pics aren't extremely detailed)... Piece appears to have porosity consistent with moderate sea-wear. What's the weight down to... about 21g or so?
Depending on your lighting, looks to have decent patina left on it post-conservation... Some mild cross-side doubling (note - your reverse should be rotated 90 deg. counter-clockwise for proper alignment). Overall, fairly respectable piece, obviously not amazing due to the corrosion but not completely horrendous either. Eh... maybe $90-120 or so, "sensible" market value (assuming it's authentic in hand)?