Silver..penny?

Just wondering if anyone can tell me what this is. Last time I did this, I got an answer in record time! Here's hoping. At any rate, the coin appears to be at least "silvery," if not silver. It is approximately 20/21 mm in diameter. On the first side, looks like a "C I" to me. Turn it the other way, I read "I J." The other side is divided into nearly 4 quadrants. Northeast quadrant reads "W" or "V." South east quadrant reads "TR." SW quad is 5? SM? and finally NW quad, "r". Looks like there are two lis at the top of the coin. English? French? I am no expert so this info is just my best guess. Thanks for any help. V/R

Please post the weight. It is critical for this issue.

Hi! Thanks a lot for responding. This coin is very light. That is, I only have a kitchen scale and the weight does not register. On this scale a nickel weighs in about 5 grams; a penny about 3 grams so I'd say this coin is about 1 gram.

This is a Spanish Cob, likely from a New World mint. It is a 1 Real cut down to 1/2 Real size.

Thanks so much for the info. I would never have been able to identify this coin in a million years without your help!