Almost Uncirculated Mexico Potosi Mint (Pi) silver 8 reales coin.
Certified by NGC to AU Details Surface Hairlines, lustrous and well struck with excellent planchet.
Dunnigan Pi12, "Usually seen about Very Fine. Extremely Fine examples are more elusive than in preceding few years. A few specimens in Uncirculated range are known, but these are usually on crude planchets."
Dunnigan also notes that "considerable minor variations in legend spacing". The obverse legend of this coin is an shows variable spacing.