Nice coin, but nothing to do with Spain. It’s a mediaeval Hungarian silver denar. Those are the Hungarian arms on the obverse with a crowned Madonna holding the infant Jesus on the reverse. The reverse legend should be PATRONA VNGARIE, or a truncation of it and I can certainly make out the ‘PATRONA’ part.
I can't make out the obverse legend in full but believe it's for Matthias (the first) who was King of Hungary and Croatia from 1458 to 1490. He was also known as Matthias ‘Corvinus’ (‘corvinus’ meaning ‘raven’) and that looks to be a raven in the centre of the arms. although he wasn't the only King to use it
Similar to this one, which is from between 1482-1486:
Indeed yes. Also, there were little pockets of Hungarian immigrants all over the US in the first part of the 1800s, later arriving in much larger numbers (over a million between 1870-1920, not including those from the other regions of the Austro-Hungarian Empire). There seems to have been such a pocket in NE Mississippi. The community of ‘New Hope’, established in the 1840s in what is now Alcorn County, changed its name to Kossuth in 1852 in tribute to the Hungarian revolutionary Lajos Kossuth. The coin could just have been someone’s lucky pocket-piece from their homeland.