Is this a genuine spanish colonial 8 reals cob?

I was given this by someone years ago. They had buffed it not realizing what it was, it was much darker and had some "crud" on it beforehand. I am not entirely sure if it is real or a modern remake. It weighs 26.62 grams. This was supposedly found on a ship wreck decades ago.
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Looks like a Phillip V Mexico City Cob (1702-1724). Whether it's real or not is beyond my knowledge, but the devices are correct for that issue and the surfaces certainly seem consistent with a salvaged piece.