Hi
This type of coin was struck under the reign of Felipe ll (1556-1599) in 8 different mints in Spain.
Sevilla (S) coined them without date till 1588. From 1589 on, date appears verticaly right of the coat of arms, displacing the value (IIII°) to the left side. The value (vertical IIII) returns to the right side in 1597-99.
Your coin has no date, so it belongs to the first type. Here are picture of the two subtypes (N°170 and 171) of this period (catalog Áureo & Calicó, Barcelona).

Apart from the underweight (which might be explainable due to wear), what makes me doubt is:
A) the general color and the design, which is not clear, in some parts quite chaotic and not sharp;
B) the upper part of the coat of arms is odd (or off);
C) the strange hook-like figure in the lower left part of the coat of arms;
D) the S from Sevilla which is off;
E) on the reverse side upper rim, where REX ends, should be a little cross, your coin shows something different.
But inspite of all that, lets wait for another opinion; it is difficult to expertise not having the object in hand.
Regards